![]() Remember that w-4 you fill out when you started a job? It asked how much you wanted to be withheld. However, unbeknownst to you, your employer was secretly doing more tax legwork behind the scenes. ![]() Most people are familiar with the tax system from an employee standpoint-you have taxes taken out of your paycheck and file your returns by April 15th 2023. What Exactly Are Quarterly Estimated Taxes? Here’s the not-so-pretty truth: I was confused out of my mind and-having been a person that had always received a refund on my taxes- I was freaked out that I not only had to pay taxes, but the amount I had to pay was pretty startling.īusiness owners have to deal with enough bushwhacking without having to venture into IRS territory more than they have to! So, let me break down estimated taxes for you. ![]() Well, that’s actually putting it (really) nicely. When I first started my business, I found estimated taxes to be hard to wrap my head around.
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