THE COURSE IS OPEN!
You will have access to this course for ONE YEAR!!!!
These are pre-recorded videos with one year of support to ensure your questions are answered!
The course takes approximately one hour to complete.
With access for one year, you can revisit the course several times.
All videos have closed captioning.
Estimate your taxes
Let's demystify the process of estimating your estimated taxes!
- Understand IRS tax rules.
- Learn how to read your tax return and determine how much you historically owe in income and self-employment tax.
- Calculate an estimated tax amount to ensure you do not incur an underpayment penalty.
- Use a customizable spreadsheet to determine your tax payment options.
- Tips for paying estimated state income tax.
Who needs to pay estimated taxes?
Estimated taxes are due if you expect to owe over $1,000 in tax that won't be withheld from a paycheck. This means most self-employed individuals and partnerships will need to pay estimated taxes.
It's my first year in business, do I need to pay?
Possibly. The IRS does not give taxpayers a pass on paying estimated tax just because it is their first year in business. However, if you did not have any business, job or other income in the prior year, you may not need to pay estimated tax. If you traded a W2 job for a self-employed business, you likely do have to pay. You may not have any tax due if you made very little, you may not owe any tax and thus no estimate needs to be paid.
Look at your prior year tax filing and see if the total tax line is $0, not the refund or amount owed, but the total tax line. If total tax is $0, you do not have to pay estimated taxes this year. However, you may still get a large tax bill and so you are encouraged to save and/or pay estimates even if not required.
Who does not need to pay estimates?
Tax payers who have sufficient taxes withheld via a W2 paycheck do not need to pay tax estimates. Individuals who expect to owe less than $1,000 in income tax also do not need to pay estimated tax.
COURSE IS OPEN!
This estimated tax mini-course can be done in 1-2 sittings at your own pace. The next IRS tax estimates are due January 15, 2021, this is the last payment for 2020, so sign-up today!
You will receive support for your questions for a year, that's support for the next 4 estimated tax payments!ESTIMATED TAX MINI-COURSE
Jennie Schottmiller, CPA
Jennie Schottmiller is a CPA as well as licensed marriage and family therapist in Pennsylvania. She has an active solo therapy practice and runs several facebook groups and a website to help small business owners understand accounting, tax and financial analysis matters. Jennie fills in the gap between what business owners need to know and what accountants typically share.Schedule a coaching session