Quarterly Estimated Taxes, The Basics | The Financial Dad

Welcome to The Financial Dad Podcast!! For our first episode we're covering the basics of Quarterly Estimated Taxes, so fun. Friendly reminder quarterly taxes are due tomorrow, Wed. Jan. 15th!In this episode, we explore the differences between being an employee and self-employed, the challenges of fluctuating income, and strategies for managing taxes effectively. Our conversation emphasizes the importance of financial literacy and planning for those in creative fields, providing practical advice and insights for navigating the financial landscape.Talking Points:🧠 Quarterly estimated taxes are essential for self-employed individuals.🧠 Self-employed people must pay both employee and employer portions of social security taxes.🧠 Setting aside a percentage of income for taxes is crucial.🧠 Fluctuating income can complicate tax payments, but strategies exist to manage it.🧠 Using accounting software can help track income and expenses effectively.🧠 Paying taxes on time can prevent additional penalties and interest.🧠 Creating a separate account for tax savings can help manage funds better.🧠 Understanding tax obligations is vital for financial planning.🧠 The importance of mental toughness in entrepreneurship cannot be overstated.🧠 Future episodes will cover budgeting, financial strategies, and more.00:00 Introduction to Financial Dad Podcast03:37 Understanding Estimated Taxes09:51 Managing Fluctuating Income and Taxes15:41 Strategies for Paying Quarterly Taxes24:14 Dealing with Tax Liabilities and ExtensionsMentioned in this episode:Profit First by Michael Michalowicz The Financial Dad™ is a podcast for young adults and aspiring entrepreneurs to teach you the things you didn't learn in school or at home—from quarterly taxes to W9s to retirement plans to insurance and saving—we’ve got you covered.Hosted by:Tim Smith, CFP®, Bridget Sicsko (PR Strategist) + Hally Smith (Actress) *This is strictly for educational purposes and does not suffice as advice.* 👉Subscribe: https://www.youtube.com/@Thefinancialdad👀Follow:https://www.instagram.com/thefinancialdad_/ Website: https://thefinancialdad.com/✍️Trusted Resources:QuickbooksNotionRiverside