Do I have to pay self employment taxes yearly or quarterly?

Answer by  drJ (841)

Estimated taxes for people without tax withholding are due to the IRS quarterly on April 15th, June 15th, September 15th, and January 15th. Failing to pay taxes quarterly can result in underpayment penalties and interest, even if you end up making your full payment owed by the end of the tax year.

Answer by  debmalewski (1085)

It depends on how much you make as to whether you pay taxes quarterly or annually. The higher your income, the more frequent your tax payments should be. Contact your accountant for advice.

Answer by  Huntress (1935)

By Federal law you are required to pay quarterly or risk being penalized. The Internal Revenue Service web site has links to e-file or print the required forms.

Answer by  x (96)

If you make enough money through self-employment in the US to file taxes and you expect to owe over $1000 in taxes, the IRS requires you to make quarterly estimated tax payments. If you do not make these payments, you may have to pay a penalty at tax time in April.

Answer by  scarywoodwitch (158)

I have been self employed before and have thus had to file a self-employment tax. As far as I know, you must only do so yearly. Taxes go by the calendar year and I am not even certain that it is possible for you to pay quarterly, at least in my experience.