It’s about that time! Quarterly estimated taxes can be a pain, and the next deadline is coming up on January 15. If you’ve got self-employed income or own a small business, chances are you’re responsible for making quarterly estimated payments to the IRS. This is just a dress rehearsal for April, so finding a system that works for you now can only benefit you in a few months.
Filing QETs is a pain, but you can reduce the headache by:
- Keeping your receipts and invoices organized throughout the year. It’s a new year and a great time to design a new system to keep organized if you’re finding yourself in a disorganized mess for this tax deadline.
- Be sure to set aside enough money to cover these taxes. It seems obvious, but if you add QETs into your yearly budget, you’ll be ready in January, April, June and September. Who doesn’t want one less thing to worry about throughout the year?
- Figure out your QETs. When figuring your estimated tax, using your income, deductions and credits from the previous year is a good starting point.
- Add calendar reminders for each of the deadlines, and then submit your payment online using the Electronic Federal Tax Payment System.
Following these steps will make sure that QETs don’t come as an unpleasant surprise four times a year. You have more important things to focus on, after all!