Therapy For Your Money
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Therapy For Your Money
Episode 40: All About Quarterly Estimated Taxes
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Julie Herres
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Season 2
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Episode 40
Federal Quarterly Estimated Taxes can be tricky. You may not be sure if you’re required to pay them, how much or when to pay, or even how to make the payments… but that’s what we’re here for! Today, Julie talks about all things E.T.P. (Estimated Tax Payments) and how to navigate them.
Episode Highlights:
- Who is required to make Federal Quarterly Estimated Tax Payments?
- If you are self-employed, a house-hold employer (nanny, landscaper, etc.), or have a high income household
- If you're going to owe above $1,000 in taxes for the following year, you're going to need to pay E.T.P.s
- How much should you pay?
- If your AGI (Adjusted Gross Income) is more than $150,000 per year, you have to pay 110% of the previous years taxes
- Usually, you pay either 90% of the tax you're going to owe for the following year OR 100% of the tax from the previous year
- When are Estimated Tax Payments due?
- April 15th for Q1, June 15th for Q2, September 15th for Q3, and January 15th of the following year for Q4
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
IRS Form 1040-ES for Estimated Tax Payments
TFYM Episode 13 - Profit First with Mike Michalowicz