Filing quarterly taxes for the third quarter may be simpler than you think. Here’s how to calculate and pay your third-quarter taxes.
What you’ll discover:
When are 2022 Q3 anticipated taxes due for self-employed individuals?
How can I pay my Q3 2022 quarterly taxes?
What happens if I fail to make my Q3 2022 tax payment?
Self-employed individuals must pay estimated federal income taxes on a quarterly basis. Unlike W-2 employees who have federal income and employment taxes deducted from their paychecks, self-employed persons pay these taxes directly to the IRS every quarter. Freelancers, independent contractors, and sole proprietorships are all required to pay quarterly estimated taxes or risk fines. Here, you’ll discover typical inquiries concerning Q3 projected taxes, specifically for 2022.
Table of Contents
When are self-employed persons’ projected taxes for the third quarter of 2022 due?
Self-employed company owners who plan to owe at least $1,000 in taxes in a calendar year or who owe taxes from the previous year must submit estimated tax payments. Estimated taxes are payments made to the Internal Revenue Service (IRS) by company owners for expected profits from each quarter of the year.
Calculate your taxable income, taking into account your adjusted gross income, deductions, and credits for that tax year, to determine the amount of your projected tax payment. If you need help on how much tax you should pay for a particular quarter, you may use Form 1040-ES or the IRS’s tax withholding calculator. If you’re having trouble figuring it all out, obtaining some help may make a huge difference (and save you time and money).
You should have paid projected taxes for the first and second quarters of 2022 by now. The third quarter’s projected taxes are payable on September 15, 2022. On January 17, 2023, the fourth quarter and final anticipated tax payment for 2022 are due.
If you know you’ll owe estimated taxes, it’s a good idea to schedule the due dates and a reminder date for each quarter.
How can I pay my Q3 2022 quarterly taxes?
You may pay your Q3 estimated taxes online using IRS Direct Pay, your bank or savings account, or a credit or debit card. You may also use the Electronic Federal Tax Payment System to make your payment (EFTPS). Depending on your company’s cash flow, you may opt to pay weekly, biweekly, or monthly. You may pick a more flexible option to meet your company as long as you pay in enough before the end of the quarter. You may send in a check or money order for your expected installments if you choose.
What happens if I fail to make my Q3 2022 tax payment?
You may be penalized if you fail to pay or underpay your quarterly taxes. Normally, as a self-employed person, you don’t have to pay the penalty if you owe less than $1,000 in tax yearly or if you paid either:
At least 90% of the current tax year’s projected tax.
whichever is less, 100% of the tax reported on your prior year’s tax return.
Form 2210 may assist you decide whether or not you owe a penalty for underpayment and how much it will cost.
To continue in business, you must generate revenue and meet your legal requirements, which include paying your taxes. Make your next expected quarterly payment before September 15, 2022 if you are a self-employed company owner.
