For the self-employed, private practicians, tax day happens every quarter. Tomorrow, September 15th, is the due date for your estimated taxes to be paid. Here are a few suggestions and reminders to help you with your tax needs.
- Download the 1040-ES Form from the IRS. Make sure your payment is postmarked by 9/15/15
- If you began your practice in 2015, you are not required to pay quarterly taxes, though I suggest you do it anyway to get into the habit.
- Don’t know how much you need to pay for your estimated taxes? Pay something. The IRS doesn’t know how much you’re supposed to pay each quarter, they just expect the same amount of tax to be paid based on your previous years’ filings. Send in a check for $10 if you don’t know, and then meet your an accountant to figure it out.
- The saying “Don’t ask for permission, ask for forgiveness” doesn’t work with the IRS.
- If you need help tracking your finances, consider using some of these spreadsheets.
- Here is an article I wrote earlier this year about quarterly taxes
- Don’t wait until the last minute, pay your quarterly taxes ahead of time.
- Put a calendar alert on your phone that the 15th of January, April, July, and September are your quarterly tax days.
- The 9/15/15 estimated taxes are due for your business earnings in July, August, and September. Yes, you have to pay your September taxes in the middle of the same month.
- A good rule of thumb is to save 30% for taxes. You always want to have a little extra left over instead of not having enough to pay your taxes.
- Have other questions? Hit us up in the comment section below.
No one affiliated with A Smart Practice is or has been a tax professional. The advice stated here is guidelines for smart practices, not professional or accounting advice. If you have concerns or questions about taxes, it is best to consult a tax professional.