It’s that time once again: time to whip out the finance books and try to figure out just how much you owe for quarterly estimated taxes, or QETs. More sitting down at the dining room table, going over numbers, scratching your head trying to figure out what this abbreviation stands for…
Wait, you don’t know what this is about? Quarterly estimated taxes are a big part of the small business owner’s life as they’re constantly buzzing around just around the corner, ready to pounce and make a mess. However, many small business owners still manage to forget about them, leading to headaches and possible fines.
Instead of putting them off, read our quick guide so you can get ahead of the game!
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When tax season begins, many business owners struggle to keep all the dates they have to remember in order. We thought we would give you a quick list of all the major tax days coming up through April so you never forget a big tax milestone again.
15th – 4th Quarter Quarterly Estimated Taxes
When you’re a business owner or a freelancer, you don’t pay taxes like most workers do. Instead of money coming out of your paycheck every period, you pay taxes on the work you do or items you sell. You pay this money, called quarterly estimated taxes (QETs), every few months.
This guest post is brought to you by Outright.com, the alternative to Mint for business and simplest way to manage your small business finances online. Sign up today for a less taxing quarterly estimated tax time!
You’ve jumped through what seems like countless hoops to get your business going. You’ve filled out every form and talked to all the right people. You did all the research and learned from others’ past mistakes. Now it’s just a matter of getting it all done.
Of course this is easier said than done. There are a million things you have to do as a business owner you never dreamed about as a salary or wage worker. Aside from your usual business matters you must now attend to you have to worry about dealing with taxes.
This article was originally printed on LearnVest.com.
You’re free! Free to sleep in until 11 a.m., free to work while your adorable toddler plays at your feet, free to … keep really good records of all your expenses for your taxes.
We know. Not so fun. The reality is, being self-employed can be awesome for 11 months out of the year, and then come crashing down on your head in the form of lost receipts and unpaid estimated taxes in April. We want to save you from that sinking feeling. Read on for what every freelancer needs to know for your taxes.