For S corporations, sole proprietor, self-employed individuals, and partnerships your income is not subject to withholding. To figure and pay your federal taxes we offer quarterly tax preparation. Each quarter, you are required to send taxes into the IRS. These taxes cover Social Security and Medicare that regular wage earners pay each paycheck. Not all self-employed persons pay quarterly taxes. We can help you find out if you need to pay or not.
Each quarter is broken down into the following months:
- 1st quarter: January – March, payment to the government due April 30th
- 2nd quarter: April – June, payment due to the government due July 31st
- 3rd quarter: July – September, payment to the government due October 31st
- 4th quarter: October – December, payment to the government due January 31st
Quarterly taxes are prepared based on your payroll. For self-employed persons, your payroll is based on your income. Partnerships have the choice of being treated as a self-employed person or a corporation. Below are the documents you will need to help us get started:
- The amount of your payroll for the quarter
- The amount of your withholding
- The names and social security numbers of your employees
- The checks you would like us to use for your payroll
- W-4s