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Hi,
I use Quick Books Self Employed. I'm new to working as self-employed so I'm still learning the process. This is the first year that I'm working as self-employed. I didn't start working until about April 1st. So, I had no self employed income for Q1. I make the same each month. Q2 I worked and my first estimated tax payment was fairly small since there were only 2 months in Q2. Q3 my estimated tax payment is MUCH higher. But what I don't understand is that my estimated tax payment for Q4 which has more months in it than Q3 is quite a bit smaller. Can someone explain why that is?
It's our pleasure to have you here today, @VolvoFan.
We see the importance of this matter and want to ensure you can determine why your Quarter three estimated taxes is higher than your Quarter four. It may have something to do with your transactions. That said, you may want to review all of it to check and justify the estimated taxes amount for your Quarter three. See this article to learn more about how QBSE calculates your taxes: Automatically estimate your income tax in QuickBooks Self-Employed.
Furthermore, we've got these articles to guide you about annual tax and ensure your data stays accurate inside QBSE:
@VolvoFan, we'll be happy to help you again if you need further assistance reviewing your estimated taxes inside QuickBooks or have any additional questions related to the program. We've got you covered and get back to you as soon as possible. Take care, and have a nice day!
please delete. this is a duplicate.
Hi,
Those articles didn't help.
Anyway, QB shows my estimated tax payment for Q3 is over 2.5 higher than the estimated tax payment for Q4. Yet, it shows that I will make more in Q4 than Q3, which is obvious since there are more months in Q4. So, that doesn't make sense. I would think the payments should be more balanced with Q4 maybe being a bit higher. Not sure what is going on. I'm about ready to find a local CPA for help.
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