How to Figure Estimated Quarterly Taxes (2023)

One of the top reasons entrepreneurs owe the IRS is from their failure to make estimated tax payments.

Let me help you avoid that cycle!

In this video, I'll walk you through how to figure out your Federal estimated tax payments.

If you have any questions let me know in the comments!

Back taxes shouldn't ruin your life so get the help you need.

Disclaimer: This video is for informational and educational purposes only. It provides a
framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

[angelabarile]

Thank you so much for this informative video. I made a small amount freelancing while I'm looking for a FT time job so this was my first time estimating quarterly taxes.

[Belo]

Very helpful, but confused why you just glossed over or left 2b blank. That's 20% and I understand there are some rules, but it's a sizeable chunk.

[PullOverItsDaPopo]

Great information, this is what I needed to close the gap between my confidence & knowledge of being a contractor. The self-employment tax had me shook. Do I give this form to the IRS or keep it for myself? Also, if I started self-employment in April (didn't get my first check until May) now it's June, do I count June as my first quarterly payment & continue paying for 2023 until next April or will I have to divide all my payments into 3 & pay everything by Janurary since I couldn't pay this April.

[lewisthompson]

Thanks for the video! Can you give a breakdown of how you got to the self-employment tax?

[taxprorealestatepros]

Awesome content! As usual, well presented...

[blackmagic]

Thank you for making this video. So crucial. Do I find the value for line 12b from my 2022 1040 line 24?

[anwarmuwwakkil]

I'm a new trucking company with my own authority, I did not pay the estimated taxes for quarter 1 and quarter 2. However, my expenses are more than my gross revenue for both quarters. I want to avoid penalties, I'm not sure what to do. I am going to call the irs on Monday for some guidance. I would also like to hear your opinion if possible.

Regards in the best manner.

[Tiffany.B.]

Hi can you breakdown LINE 4? I'm not sure how you got 24, 121. Thanks

[msgigglygirl]

Thank you for this video! I will be filing as married jointly. I receive income as a single member LLC but my husband will have a W-2. This is the first year we are not both W-2 employees. When I fill out my 1099-ES to pay my quarterlies, do I only take into account my self employed income when figuring out AGI?

[kimberlyingram]

I am confused. How did you get the number for line 4?

[MelanieDillman]

What if your AGI on line 1 is less than the standard deduction or itemized deduction on line 2a?

[keramiz]

Do I add standard deduction plus my self employment expected deduction plus expences to figure out agi