Quarterly estimates without the guesswork
Four dates, one simple rule of thumb, and how we work out your number.
PR
Priya Raman
Senior tax associate, EA
If no one withholds tax from your income, the IRS expects you to pay as you go. That means estimated tax, four times a year. It's simple once it's in the calendar.
Who has to pay
Sole proprietors, partners and S corp owners usually pay estimates on their business profit, because no employer withholds tax from it. Corporations pay their own. If you also have a salary, extra withholding from it can sometimes replace estimates altogether. In your first profitable year, assume you need to pay them until your books say otherwise. It's far easier to pay a little too much and get it back than to catch up later.
The four dates
For individuals: April 15, June 15, September 15 and January 15 of the following year. The periods aren't equal; the June payment covers only April and May, which surprises people. When a date falls on a weekend or holiday, it moves to the next working day.
The rule of thumb
You generally avoid an underpayment penalty if you pay, in four even parts, either most of this year's tax or the full amount of last year's. Higher earners need to pay a little more than last year's total. Basing payments on last year is simple and predictable, which is why we usually start there.
Pay on last year's number, then adjust when this year looks different.
Set it aside every month
Four payments a year feel large because they arrive in lumps. The simplest fix is a separate savings account and a fixed transfer after each monthly close. When the payment date comes, the money is already there, and the operating account never takes the hit.
What we send you
A week before each date, clients get a short email: the amount for each owner, the date, and a link to pay. If the business has had an unusual quarter, the email says so and explains the change. Nobody should have to work out their own estimate from a P&L.
Paying
You can pay online through IRS Direct Pay, your IRS online account or EFTPS, and schedule payments in advance. We send each client the amount a week before every date, and can schedule it for you.
After a big quarter
If income arrives unevenly, a large sale in September, say, you don't have to pretend it came in evenly. You can pay more in the quarter the money arrived. We recalculate after each monthly close, so the next payment reflects what has actually happened.
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