Guides / Taxes and paperwork
Quarterly estimated taxes, explained
Pay as you go, and avoid underpayment penalties.
If you expect to owe a significant amount of tax on side income, the IRS generally expects you to pay during the year, not all at once in April.
How it works
- Payments are usually due four times a year, in April, June, September and January
- You can pay online through IRS Direct Pay or your IRS online account
- Many states have their own estimated tax payments too
An alternative
If you also have a job, you may be able to increase withholding from your paycheck with a new Form W-4 instead of making estimated payments.
General information, not tax advice. Check IRS.gov for current due dates and rules. Penny Boosters isn't paid by any gig app or platform.