Learn how to make federal estimated tax payments each quarter.
If you're self-employed, you need to pay self-employment taxes. QuickBooks Self-Employed calculates your federal estimated quarterly tax payments so you know what to pay each quarter.
When it's time to make a tax payment, you have a few options. Here's how to pay your federal estimated taxes each quarter.
Step 1: Learn when federal estimated quarterly tax payments are due
Step 2: Find out what you need to pay
Here's how to get your payment estimates from QuickBooks Self-Employed.
Step 3: Make a federal estimated quarterly tax payment
Follow the steps for the method you want to use. Whether you pay by mail or online, QuickBooks Self-Employed sets up your info for the upcoming quarter. Important: If you need to make a late payment, follow these steps from the IRS.
Step 4: Record the tax payment in QuickBooks Self-Employed
If you paid with an account that's not connected to online banking, or you paid by mail, manually record the payment:
- Go to the Transactions menu.
- Select Add transaction.
- Enter "(Date and fiscal year) quarterly federal tax payment" in the description field.
- Enter the amount and the date you made the payment.
- Select Select a category, then Taxes, and then Estimated Taxes.
- When you're done, select Save.