#26: How do I do quarterly tax filings?

Episode 26: How do I do quarterly tax filings? Join Josh and Garrett as they discuss the boring-yet-super-important topic of quarterly taxes!! 3 key takeaways: Each quarter's tax payment is due 2 weeks after the end of that quarter. Thus Q1 (Jan/Feb/March) payment is due April 15, Q2 is due July 15 etc. Do you have to pay quarterly estimates? Yes - if your tax liability is over $1000. No - if you look at TOTAL tax payments from ALL taxes (W2, 1099, self-employed, all) and your withholdings from all jobs are going to equal at least 90% of next year's tax liability. (How do you know next year's tax liability? It's a pain to try to figure out, so this one is not super helpful) No - if your withholdings are 100% of your tax liability from last year. How to pay quarterly taxes Option 1 - Over-withold W2 taxes to cover other tax liability Option 2 - Pay quarterly. Fill out the 1040 ES (estimated) or pay your tax preparer or a reputable company to do it for you. Bonus tip: Make sure you PAY your estimated quarterly taxes (see links); don't just set them aside in a savings account! Resources mentioned in this episode: - https://www.eftps.gov/eftps/ - Form 1040 ES Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow