It is April 15th again and time to hurry to get your income tax return to post office in time to get today’s stamp on it. Actually, I filed my tax return back in February, but April 15th is another tax deadline for those of us who are self-employed. It is time to file our First Quarter Estimated Taxes.
On April 15th we get to see both how close last year’s guess was to how much we actually made last year and we get to make our best guess to how much we will make this year. It can be a challenge because the IRS and the state revenue departments want 4 equal estimated tax payments on April 15, June 15, September 15, and January 18.
It still beats being an employee though and having someone else decide how much money comes out of your paycheck every week. My quarterly tax payments are based on income less expenses instead of just income like those with paychecks have to pay, so I have to pay less in taxes than I did as an employee.
You can be self-employed too