The next estimated tax payment day is 1/15/2025
In most cases, you must pay estimated tax for the current year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current year, after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your 2024 tax return, or
- 100% of the tax shown on your 2023 tax return. Your 2023 tax return must cover all 12 months.
You can pay all of your estimated tax by 4/15/2024, or in four equal amounts by 4/15/2024, 6/17/2024, 9/16/2024, and 1/15/2025.
You don't have to pay estimated tax for the current year if you were a U.S. citizen or resident for all of last year and had no tax liability (your total tax was zero or you didn’t need to file a return).
Learn MoreWhat you need to know
What are my tax obligations?
As a self-employed individual, generally you are required to file an annual income tax return and pay estimated tax quarterly.
How do I make my quarterly payments?
As a self-employed individual, estimated tax is the method used to pay Social Security, Medicare, and income taxes; this is because you do not have an employer withholding these taxes for you.
How do I file my annual return?
To file your annual income tax return, you will need to use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), to report any income or loss from a business you operated or profession you practiced as a sole proprietor, or gig work performed.
Am I required to file an information return?
If you made a payment as a small business or self-employed (individual), you are most likely required to file an information return to the IRS.
Recommended Resources
IRS Free File
Use free tax prep software or fillable forms based on your income and the forms you must file.
Learn MoreAuthorized E-file Providers
Search the list of tax professionals approved by the IRS for e-filing.
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Track your earnings and expenses
Collect and keep your records and receipts during the year. Recordkeeping can help you track your income, deduct expenses and complete your tax return. Save expense receipts to lower your taxable income, and keep records of all gig work income, even without Forms 1099.
Pay estimated tax
As an independent contractor, pay quarterly estimated taxes to avoid penalties. Employees with gig work on the side may avoid making estimated tax payments on their gig income by withholding more tax from their employee paycheck. Use the Tax Withholding Estimator. Then fill out a new Form W-4, Employee’s Withholding Certificate and give it to employers.
Get ready to file
Collect income forms like Form 1099-K, Form 1099-MISC, Form W-2, and Form 1099-NEC by January 31. Report all income and subtract deductible expenses.
File your tax return
Use your records to fill out: Form 1040 or Form 1040-SR, Schedule SE (Self-Employment Tax), and Schedule C (Profit or Loss from Business)
Learn MorePlease note: As this system is still in the early stages of development, it currently does not have the capability to estimate tax obligations. We appreciate your understanding as we continue to enhance its functionality.