Quarterly taxes: When do self-employed and freelancers have to pay taxes?

However, there is no automatic withholding if you are one of the millions of small-business owners, independent contractors, gig workers, or other self-employed taxpayers.

Four times a year, estimated tax payments should be made by everyone who receives untaxed income.

Taxpayers who receive other types of income, such as interest, dividends, capital gains, alimony, cryptocurrency, and rental income, which is not subject to withholding, typically submit quarterly anticipated tax payments as well.

It not only lessens your financial burden come tax day, but it might also save you from IRS fines. The third quarter payment is due on September 15, 2022, a Thursday.

Although it can be a little challenging, we can make the process of filing estimated taxes straightforward. Here is all the information you require to calculate your taxes and submit them on time.

When are my taxes due if I’m self-employed or freelance?

You might not have to pay anticipated taxes if you completed the IRS W-4 form, which instructs your employer how much to deduct from each paycheck. But if you don’t have a W-4 salary, you should probably be aware of projected tax obligations.

The IRS states that in general, you must make anticipated tax payments if your employment type falls into one of the following categories and you anticipate owing $1,000 or more in taxes when your return is filed:

• Independent contractor or freelancer
• Sole proprietor
• Partner
• S corporation shareholder

The 15th day of April, June, September, and January of each year is often when estimated taxes are paid. If the 15th falls on a legal holiday or a weekend, that is one significant exception. In that situation, you have until the following workday to file your return.

Estimated tax deadlines:

Earning Period / Taxes Due

1. Sept. 1 to Dec. 31, 2021 – Jan. 18, 2022
2. Jan. 1 to March 31, 2022 – April 18, 2022
3. April 1 to May 31, 2022 – June 15, 2022
4. June 1 to Aug. 31, 2022 – Sept. 15, 2022
5. Sept. 1 to Dec. 31, 2022 – Jan. 16, 2023