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Question
I started working as a contractor for the past two months. I've been setting aside the taxes but don't know where to go from there. The schedule says quarterly so would I just pay for July and August? Thanks for your help.
Answer

First of all, props for planning ahead on your taxes! You’re way ahead of the game.

Quarterly taxes are typically due on the 15th of the month following the end of the quarter. So for standard calendar tax payers, it would look like this:

  • 1st Qtr (Jan-Mar) due April 15th
  • 2nd Qtr (Apr-Jun) due July 15th
  • 3rd Qtr (Jul-Sep) due Oct 15th
  • 4th Qtr (Oct-Dec) due Jan 15th

You can pay the tax at any time during the quarter, but it won’t be considered “late” till after the 15th. Once you’re ready to pay, you can mail a check or use IRS Direct Pay! Check out our in-depth guide on how to pay quarterly taxes for more instructions.

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Sarah York, EA

Sarah is an Enrolled Agent with the IRS and has 6 years of tax and accounting experience. She's an avid hiker, animal lover, and self-proclaimed chocolate connoisseur.

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