Taxes made easy: automate your quarterly tax payments

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:

• Upgrade to Coffee Perks
• Free Procrastination Styles Assessment
• Website
• Instagram (@mirandamerten)

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