How to Calculate Estimated Quarterly Taxes as a Freelancer

Freelancers and solopreneurs often overlook the importance of estimated tax payments until penalties strike. While you're not required to file a full return every quarter, you are responsible for accurate projections.

Instead of guessing, use this step-by-step process:

Key Steps:

• Track all income monthly with cloud accounting tools

• Deduct expenses like home office, software, and health insurance

• Use Form 1040‑ES to estimate total tax owed annually

• Divide the total into four equal payments

Inaccurate quarterly filings can cost you. Partnering with professionals offering accounting and tax services ensures you're calculating taxes based on proper deductions and growth trends.

This approach aligns with the advice in our full article on Quarterly Tax Payments for Small Businesses, but here it's tailored for freelancers.

Let BizTax Strategy help you take control of quarterly taxes with custom solutions for freelancers and gig workers.