Some self-employed workers and independent contractors have to pay quarterly taxes.
The due dates are the 15th of April, June, and September. The final payment is due January 15th next year.
In general, if you expect to have a tax liability of $1,000 or more, you should estimate and pay quarterly taxes on your earnings.
This article was reviewed for accuracy and clarity by Luis Rosa, an expert on Personal Finance Insider s tax review board.
Most people who earn a steady paycheck only think about paying taxes when they sit down to file their tax return once a year.
But if you don t earn a salary or hourly wage where you pay federal taxes through withholdings, you might have to send tax payments to the IRS every quarter. Self-employed people and gig workers typically pay taxes this way.
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Michele Cagan
Michele Cagan is a CPA, author, and financial mentor. With more than 20 years of experience, she offers unique insights into personal financial planning, from breaking out of debt and minimizing taxes to maximizing income and building wealth. Michele has written numerous articles and books about personal finance, investing, and accounting, including The Infographic Guide to Personal Finance, Retirement 101, and Debt 101.
In addition to her financial know-how, Michele has a not-so-secret love of painting, Star Wars, and chocolate. She lives in Maryland with her son, dogs, cats, and koi. Get more financial guidance from Michele by visiting her website.
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ELK GARDEN, W.Va. â Last month, the Jennings Randolph Lake project hosted the 15th-annual Bill Nesbit Memorial People with Disabilities/Wounded Veterans Deer Hunt.
Nesbit started with the program in its very first year. He had cancer and when he passed away in the third year, the program was named after him.
Hosted by the U.S. Army Corps of Engineers at Jennings Randolph Lake, the event has evolved over the years to accommodate huntersâ various disabilities.
Hunting blinds are now permanent wheelchair accessible structures with ramps, sliding windows and heaters.
âIt was an honor that we were able to host 12 hunters, five of whom were veterans,â said Bill Donnellan, lead ranger at Jennings Randolph. âIt was special that we had a Korean War veteran able to sit with his son, who is an Iraq War veteran, and they both harvested a deer.â