Some self-employed workers and independent contractors have to pay quarterly taxes.
The due dates are the 15th of April, June, and September. The final payment is due January 15th next year.
In general, if you expect to have a tax liability of $1,000 or more, you should estimate and pay quarterly taxes on your earnings.
This article was reviewed for accuracy and clarity by Luis Rosa, an expert on Personal Finance Insider s tax review board.
Most people who earn a steady paycheck only think about paying taxes when they sit down to file their tax return once a year.
But if you don t earn a salary or hourly wage where you pay federal taxes through withholdings, you might have to send tax payments to the IRS every quarter. Self-employed people and gig workers typically pay taxes this way.
Is PPE tax deductible?
Yes for tax year 2020, the IRS is allowing PPE, or personal protective equipment, to be considered a qualifying medical expense. This includes masks, hand sanitizer, and sanitizing wipes to prevent the spread of the coronavirus.
Remember: Only medical expenses paid out-of-pocket and not reimbursed by your health insurance plan may qualify as tax deductible.
Educators K-12 teachers, principals, instructors, counselors, and school aides can also now include these coronavirus protection items in their maximum $250 yearly educator expense deduction.
What other medical expenses are tax deductible?
The IRS says medical expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body.