Gut check your estimated payments with Keeper's advanced quarterly tax calculator
One of the following applies to you:
- Your withholdings cover your estimated tax liability.
- You only have W2 income, meaning your employer should be withholding estimated taxes for you.
- You have less than $1,000 in estimated taxes owed from your 1099 income.
This is your total income for the year minus certain adjustments, such as contributions to retirement accounts, student loan interest, and self-employment taxes.
The standard deduction is a fixed dollar amount that reduces the income you're taxed on, simplifying the tax filing process. It varies based on your filing status (e.g., single, married filing jointly) and is adjusted annually for inflation.
Itemized business deductions are specific expenses that you can deduct from your 1099 / business income to reduce your taxable income. These can include costs like office supplies, travel expenses, advertising, and professional services, as long as they are ordinary and necessary for your business.
Common deductions include state and local taxes, mortgage interest, charitable contributions, student loan interest, retirement contributions, and educational expenses. This line also includes the Qualified Business Income (QBI) deduction, which allows a 20% deduction on qualified 1099 / business income.
Taxable income is the portion of your income that is subject to federal income tax after accounting for deductions and exemptions. It includes wages, salaries, bonuses, and other forms of income, minus any allowable deductions like the standard deduction or itemized deductions.
The most common tax credits people can claim include the Earned Income Tax Credit (EITC), Child Tax Credit, American Opportunity Credit, Lifetime Learning Credit, and the Premium Tax Credit. These credits can reduce the amount of tax you owe or increase your refund.
Gross taxes refer to the total amount of tax liability before accounting for any tax credits or payments made throughout the year. It represents the initial calculation of taxes owed based on your taxable income and applicable tax rates.
This refers to the amount of federal and state taxes that are taken out of your paycheck by your employer throughout the year. Keeper assumes a standard withholding by default. If you know your employer's exact withholding, you can input it under "Add advanced info".
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Quarterly payments are due 4 times a year, as the name implies:
- April 15th
- June 15th
- September 15th
- January 15th (of the following year)
For more info, see the IRS website here
If you don’t pay in throughout the year, you’ll likely get hit with an underpayment penalty. That's 0.05% of your tax due for every month it stays unpaid.While that might not seem like much, it can add up quickly. The best way to save your hard-earned dollars is to pay your taxes once a quarter when they’re due.
There are a few reasons why making quarterly tax payments is a good idea. Of course, not everyone is required to. You can skip the process altogether if you:
- Expect to owe less than $1,000
- Didn’t owe any tax last year
- Increased your W-2 withholding to cover your 1099 taxes
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