DIY Quarterly Tax Estimates for Self-Employed & LLCs

Do I really have to pay Quarterly Taxes?

Yes, everyone needs to see if they have a quarterly tax payment due.  There's benefit to this though because it's the only way to pay your taxes as you earn, when you're self-employed.  How does it sound to have no surprise or payment due come tax time? 

I created a spreadsheet template for you to calculate your quarterly taxes in just a few minutes.  

The Estimated Tax Quarters And Their Due Dates:

  • 1st Quarter: Jan-March due April 15th
  • 2nd Quarter: April & May due June 15th
  • 3rd Quarter: June-Aug due Sept 15th
  • 4th Quarter: Sept-Dec due Jan 15th

The spreadsheet will tell you:

  1. If payment is required or not;
  2. Minimum payment amount (if required); &
  3. The amount to pay-as-you-earn to avoid owing tax at the end of the year.

As shown in the screenshot of the spreadsheet below:

 
 
 

 line-by-line through the calculation for quarterly estimated taxes

 

Quarterly Tax Estimate Step #1

You'll need some information from last year's return, so it will be helpful to keep it handy. I know it can be a dreaded document to look at but remember once you get through this, it will become a very quick and easy task. You'll also no longer be plagued by the unknown...

 
 
 

Quarterly Tax Estimate Step #2

Next you'll enter the money you've earned and any deductions you have, so far for the year.  There's two methods for this part of the calculation and the spreadsheet accounts for both of them.

 
 

Quarterly Tax Estimate Step #3

Step #3 will do your calculation. This section calculates everything for you! and will estimate if you have a payment required, the minimum payment amount to avoid a penalty and 

 

Quarterly Tax Estimate Step #4 (Optional State Taxes)

Most state calculations start with your federal taxable income, which is calculated in step #3. Then, there are adjustments (to increase or decrease) this amount based on state rules.

 
 

Quarterly Estimated Taxes: How To Make Payment Online & By Mail

Lastly, the worksheet has an area to track all of your payments. It also covers how to make payments online, using the federal tax payment system, or by mail.