How to Pay Quarterly Taxes


#1

Originally published at: https://www.ohmydollar.com/2019/02/03/complete-guide-to-quarterly-taxes/

  Do you have a profitable side hustle? Are you entirely self-employed? Do you send invoices to get paid rather than than get a paycheck with tax deductions taken out? It’s entirely possible you should be paying quarterly estimated taxes then. Paying quarterly estimated taxes can be annoyingly scary – not only are you like…


#2

Thank you for this. Every time I contemplate really starting a side hustle, I feel very intimidated by the accounting (especially quarterly taxes) and then allow that to be one of many excuses for not hustling. Every time I get more info on quarterly taxes that’s clear and helpful, the less that can be an excuse…


#3

The good news is that the first year of your side hustle, you don’t need to worry about them at all. It’s only for your second year of business and beyond. So go side hustle if it’s what your heart desires!


#4

See, things I did not even know there. :slight_smile: So much to learn!


#5

My tax software says I might need to pay in installments next year :tired_face:

My government says:

You hustled! Congrats, now you can pay all your cpp because you are self employed

You hustled 30 grand! Level up, you can pay HST and we will make you regret every minute!

You made 40 grand do do do dooooo! New chalkenge: more accounting and quarterly taxes!

I feel so unimpressed