There is a lot to love about being self employed. You get to set your own hours, work from where you want and if you are successful even pick and choose the clients you work with. With so many benefits, it is no wonder so many workers dream of leaving the office and setting up their own businesses.<\/p>\r\n\r\n\r\n\r\n
That freedom is enticing, but it comes at a heavy, and highly taxing price. When you are self-employed, you are both an employer and an employee, and that means you could face higher taxes even for the same amount of income.<\/p>\r\n\r\n\r\n\r\n
As a self-employed individual chances are you will have to make quarterly tax payments to the IRS. While employees can simply have their taxes withheld from their paychecks, the self employed are responsible for settling up with the tax agency, and that can put a strain on their earnings and their finances.<\/p>\r\n\r\n\r\n\r\n
Most people need to make estimated tax payment if both of the following apply:<\/p>\r\n\r\n\r\n\r\n
Your estimated tax payments are due four times a year on the following dates:<\/p>\r\n\r\n\r\n\r\n