Quarterly Taxes: What They Are, Who Has to Pay Them, and How to Never Miss a Payment Again
- In The Moment Financial Services
- Jun 19
- 2 min read
If you’ve ever been surprised by a big tax bill in April, this one’s for you.
Don't be like the lady above!
Most new business owners don’t realize the IRS expects you to pay taxes throughout the year—not just at tax time. If you’ve skipped a few payments (or all of them), don’t panic. You’re not alone, and you can get back on track.
Here’s everything you need to know about quarterly taxes—what they are, who needs to pay them, and how to stay ahead of the game.
So, what are quarterly taxes?
Quarterly taxes—also known as estimated tax payments—are how self-employed individuals, business owners, and freelancers pay their taxes throughout the year. When you work a 9-5, your employer withholds taxes from your paycheck. But when you’re the boss? That’s on you.
Instead of one big tax payment in April, you’re expected to make four smaller payments during the year.
Who needs to pay quarterly taxes?
Generally, you’re required to make estimated payments if:
You expect to owe at least $1,000 in taxes for the year after subtracting any withholdings and credits.
You don’t have taxes withheld from your income (like business profits, side hustle money, or rental income).
✅ Sole proprietors, LLCs, S corps, partnerships, and gig workers—this likely means you.
When are quarterly taxes due?
Here’s the usual schedule:
April 15 – for income earned Jan 1 – Mar 31
June 15 – for income earned Apr 1 – May 31
Sept 15 – for income earned Jun 1 – Aug 31
Jan 15 (of the following year) – for income earned Sept 1 – Dec 31
If a due date falls on a weekend or holiday, it’s usually pushed to the next business day.
What happens if I don’t pay?
You could face:
Penalties for underpayment
Interest on unpaid amounts
A much larger tax bill come April
But more importantly, it throws off your cash flow. Quarterly taxes are like brushing your teeth—skip them for too long, and you’ll feel the pain later.
How much should I be paying?
That depends on:
How much money your business is making
How many deductions you qualify for
Your tax rate based on your filing status
Pro Tip: A solid bookkeeping system makes this calculation 10x easier. If you don’t know what your profit is, it’s impossible to estimate taxes correctly.
How to never miss another payment:
Bookkeeping First. Know your numbers. Your income and expenses are the foundation for accurate estimates.
Set Calendar Reminders. Seriously—mark those due dates in bold. Or better yet, automate payments if possible.
Use a Tax Pro or Strategy Session. Let’s run the numbers together. We’ll make sure you’re on track and not overpaying or underpaying.
Stash Cash Monthly. Set aside 20–30% of your profit each month in a separate savings account. No surprises = no stress.
Let’s make quarterly taxes easier.
At In The Moment Financial Services, we don’t just help at tax time. We offer quarterly check-in strategy sessions to make sure your books are current, your tax estimates are accurate, and your business is moving in the right direction.
Let’s ditch the guessing game and take control of your tax season—before it starts.
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