Getting Started with Quarterly Estimated Taxes for Sole Proprietors
Getting the estimate reasonably close can help you avoid a large tax bill—and potentially an underpayment penalty—when you file your tax return.
If you’re striking out on your own as a sole proprietor (or single-member LLC), you may already know that your income tax obligations will be very different. No one will be withholding your income taxes from your paychecks like your employer did when you were a W-2 employee. Nor will they be paying other expenses that you’ll now be taking on. You’ll be on your own, and you will probably need to make estimated tax payments four times every year. We can help you with this new challenge.
