If you are self-employed or a business owner, you don’t have taxes withheld from your income, and you’ll likely need to make estimated quarterly tax paymentsThe IRS recently sent out a bulletin with information and tips on how to make more accurate estimated tax payments.

  • You’ll need to pay estimated taxes if you expect to owe $1,000 or more when you file 2014’s tax return. (Unless you are a farmer or fisherman, since special rules apply.)
  • To calculate the amount of taxes you will owe as accurately as possible, first estimate your expected gross income, usually based on last year’s income. You can then use the worksheet in Form 1040-ES to figure your estimated tax on your gross income. Be sure to deduct any credits you’ll be eligible to claim. Also factor in life changes that will affect your taxes, such as marital status or a new baby. 
  • Estimated taxes are made quarterly (for most taxpayers)—for the current tax year, the payments are due on April 15, June 16, September 15, and January 15.
  • You can pay online, by phone, or by mail, and you can use a check or money order, credit card, or debit card. (If you mail your payments to the IRS, use the payment vouchers that come with Form 1040-ES, Estimated Tax for Individuals.)

For more information on estimated payments, you can check out this FAQ on IRS.gov, or view this IRS video.