For most workers,automatic tax withholdingmakes paying your taxes relatively painless.
The same can’t be said if you’re one of the millions earning freelance income.
Failing to pay enough in estimated taxes throughout the year can cost you.
Theestimated tax filing processcan be complicated, but we’re here to simplify it for you.
Here’s everything you gotta know to calculate your taxes and file on time.
Estimated tax is a quarterly payment based on your income for the period.
When are estimated taxes due?
One notable exception is if the 15th falls on a legal holiday or a weekend.
In those cases, you must file your return by the next workday.
The deadlines for 2025 estimated taxes are below.
Estimated tax deadlines
Who has to pay estimated taxes?
For the 2026 tax year, the threshold will drop to $600.
How do I calculate my estimated taxes?
There are a few ways to calculate your quarterly tax payments depending on your business model and annual earnings.
If you underpaid taxes, the form can help you calculate what you still owe.
How do I pay my estimated taxes?
From there, you could pay your federal taxes by mail or online through theIRS website.
You’ll also find a complete list of accepted payment methods and options, including installment plans.
Do I also have to pay estimated state taxes?
What if I don’t pay my estimated taxes?
You may be charged a penalty if:
The penalty could be waived in some situations.
This can help you avoid penalties."
What if I underpaid my 2024 estimated taxes?
Can I avoid paying estimated taxes?
Probably not without incurring those penalties.
