Grab your favorite beverage and tune into this episode about the boring (but necessary) quarterly taxes! I’m breaking down how I organize and automate taxes in my business, from saving my tax money to paying the IRS. Set it and forget it! I also detail the quarterly payment schedule and my personal method using Wave Accounting and automatic transfers to manage tax payments efficiently.
Discussed In This Episode:
- Self-Employment Quarterly Taxes Overview (00:00:00) Explanation of self-employment quarterly taxes and the importance of setting aside money for tax payments.
- Paying Taxes and Avoiding Penalties (00:01:14) The consequences of late or missed tax payments and the impact on annual tax filings.
- Paying Federal and State Taxes (00:02:19) Guidance on where to find forms and links for paying federal and state taxes.
- Due Dates and Tax Periods (00:03:38) Explanation of quarterly tax due dates and the periods they cover, including exceptions for annual tax filers.
- Estimating and Setting Aside Tax Payments (00:05:43) Calculating and setting aside tax payments based on income, tax brackets, and avoiding large refunds.
- Automating Tax Payments (00:06:42) The speaker's process for automating tax payments using Wave Accounting, Stripe, and Sofi's vaults.
- Government Withdrawals and Record-Keeping (00:10:15) Delegating tax payments to the government, record-keeping, and accessing payment history on government websites.
- Planning for Future Tax Payments (00:13:40) Preparation for upcoming tax payments in 2024 and the importance of seeking professional advice for individual tax situations.
Links Mentioned:
- https://www.eftps.gov/eftps/ (federal payments)
- Form 1040-ES, Estimated Tax for Individuals (PDF)
- Wave Accounting
- SoFi Checking
Other Helpful Links:
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