The U.S. income tax system is pay-as-you-go, meaning that you pay taxes as you earn income. According to the IRS, sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when they file their tax return.
If you are self-employed as an independent contractor or freelancer, you pay your taxes quarterly. You file quarterly taxes with Form 1040-ES, Estimated Tax for Individuals.
The next 2022 Payment Due Date for Estimated Taxes is June 15th.
For more information about estimated taxes, please refer to this article by David Moseman, CPA and CironeFriedberg partner.
If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.
