What You Need to Know About Estimated Tax Payments [episode 61]

need to know
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Today’s episode is a timely replay of a previous episode all about estimated tax payments and what you need to know. With the next due date around the corner on April 15th, it felt like the perfect time to bring this one back. Whether this is your first year making estimated tax payments or you need a refresher, this episode breaks it down for you. Let’s make sure you’re prepared, confident, and not caught off guard when tax time comes around. 

I’ll equip you with what you need to know to determine if you need to make these payments, how to calculate them, and the strategies to achieve a zero balance due on your tax return. Learn how filing statuses, gross income, deductions, and tax credits can impact your tax liability and gain a clear understanding of the tax bracket system. Whether you are single, married, or head of household, this episode is tailored to provide insights specific to your situation.

In this episode, What You Need to Know About Estimated Tax Payments, I cover:

  • How to determine if you need to make tax payments, how to calculate them, and what factors impact your tax liability 
  • The difference between your tax liability and the balance due, otherwise known as refunds 
  • The critical importance of estimated tax payments, keeping key dates of April 15th, June 15th, September 15th, and January 15th of the following year in mind 
  • How much to set aside for taxes and how to manage your expenditures effectively

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If you find yourself avoiding conversations about money, are burnt out from working all the time and wondering where your cash goes, and are tired of not paying yourself consistently, you are in the right place. 

Profitable Women is for those who don’t want to choose between their career and motherhood. It is to educate you on the financial side of running a profitable and sustainable business. It is a safe place where you are seen and heard in your fears as a business owner. It is where we talk about the money stories that are showing up in your everyday business decisions. It is where we allow ourselves to get curious about the numbers and welcome financial abundance in our lives.  We will talk mindset, financial strategy, and numbers, all with the goal of aligning our business to our life. If you believe in what you do and want to make it sustainable while building wealth, Profitable Women is the podcast for you! 

Your host, Sheila Hansen, is a CPA, coach, and business mentor who supports female business owners to make confident financial decisions. In addition to solo episodes, we will hear from other expert female guests who are out there supporting women with the work they do.

As profitable women, we are in this together!

Find more resources at hansenllc.net, and be sure to follow Sheila on IG @Sheila.Hansen.CPA.

[Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forms do not constitute individual tax or accounting advice. This content is designed to provide education and awareness of financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Sheila or Sheila Hansen, LLC]

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