We just wanted to give you a quick reminder that today is the due date for your quarterly tax payments for the fourth quarter of 2016.

Quarterly Tax Payments

If you expect to earn more than $400 in net profit from your self-employed business for the year, you’ll likely need to pay quarterly estimated taxes. This is mainly comprised of the Self-Employment tax.

The current self employment tax rate is: 15.3 percent.

  • 12.4 percent of this goes toward Social Security
  • 2.9 percent for Medicare.

Remember, your quarterly tax payments are in addition to your annual tax returns, which are due on April 18, 2017.

Other Tax Deadlines To Be Aware Of

In the chart below, you’ll find the rest of the estimated quarterly tax deadlines. While Tax Day is normally April 15, this year that day falls on a weekend.  There’s also a holiday on Monday, April 17 in Washington D.C. and in other places, so the official deadline is pushed out another day to April 18, 2017.

DateWhat's DuePayment Period
April 17Pay first installment of 2018 estimated taxJan. 1 - March 31
June 15Pay second installment of estimated taxApril 1 - May 31
Sept. 15Pay third installment of estimated taxJune 1 - Aug. 31
Jan. 16Pay final installment of your previous year estimated taxesSept. 1 - Dec. 31

How To Pay Your Quarterly Estimated Taxes

You can figure out your estimated tax liability using Form 1040-ES. Once you’ve determined what you should pay using that worksheet, you can pay a variety of ways, including through the mail or online.

Minimize Your Taxable Income With Deductions

Your quarterly tax payments can be tied to what you expect your net taxable income to be. One way to lower your taxable income is by maximizing your deductions. Here are some of the major write-offs that most self-employed workers can take advantage of:

  • Mileage Deduction – Deduct the cost of every single business drive. At 53.5 cents per mile in 2017, this can quickly add up.
  • Home Office Deduction – You can write off the space you use in your home for work purposes as long as it fits the IRS requirements.
  • Business Expense Deduction – Virtually any reasonable business expense can lead to a tax write off.

Download MileIQ to get your largest deduction yet »

Marin Perez

Marin Perez

Marin is part of the marketing team at MileIQ. He's excited to see how entrepreneurs are using tools like MileIQ and Spend to be more successful. When not working, he's thinking about his next trip.
Marin Perez

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