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Free Quarterly Tax Payment Calculator

By September 9, 2020 No Comments

Quarterly Tax Payment CalculatorBenefits, Deadlines, and a Free Tool

Yes – tax estimates are dreadful, but they can make or break a tax filing (and your sanity) depending on how they’re handled. Most people feel like they don’t have a tax plan, and no one we talk to seemed to have a tool that helped. So, we took on that challenge and are proud to share our new quarterly tax payment calculator – to ensure you have a plan and have peace of mind headed into the next tax season. 

How The Quarterly Tax Payment Calculator Helps You

We created this tax calculator because there should be as much communication as possible between you and your tax expert. While automation is an incredibly useful tool that has helped push the tax industry forward, there are simply some things that must be done manually – and that’s okay. 

This tax calculator has 3 major purposes: 

  • Compliance
  • Cash Flow
  • Communication

1. Compliance

Staying compliant is important for avoiding large underpayment penalties – because why would you want to give the government more if you don’t have to? We built the calculator on a simple concept that the IRS promotes to avoid underpayment penalties based upon paying 100% of your tax liability from the previous year. By using this simple calculator, you’re less likely to end up with a surprise that costs you thousands of dollars in underpayment penalties. 

2. Cashflow

By filing taxes quarterly, you also have the added benefit of easing your cash flow into a more predictable cadence. For example, rather than having to owe one giant check at the end of the year that amounts to $40,000, it is much easier for most of us to pay out four quarterly payments of $10,000. 

3. Communication

This quarterly tax payment calculator isn’t just for conveying information with your tax expert, but also for communicating with your future self! By logging payment dates, notes regarding those payments, and any questions you may have at that moment in time, you’ll ease the process and make taxes more manageable for everyone involved. 

Ready to get started? You can download our FREE
Quarterly Tax Payment Calculator below.

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At a quick glance, you’ll see that one of the key features of this calculator is a calendar with key dates to remember. This will keep you from scrambling with last-minute Google searches or fiddling with sticky notes. 

Quarterly Tax Payment CalculatorThere are two dates to pay extra attention to: 

  • July 31: Tax Planning Meeting (Ask About Tax Credits)
  • December 15: Year-End Check-In

While most tax pros may be reluctant to admit it, these are the 2 times each year when you’ll receive the best tax advice. That’s because most of the year is spent preparing and filing tax returns. By capitalizing on these dates, you’ll be sure to have your tax pro’s full attention. 

How to Use the Quarterly Tax Payment Calculator

Here are a few quick steps on how to use this handy tax calculator.

Step 1:Quarterly Tax Payment Calculator

First, have last year’s tax info handy. Plug in the appropriate values in the yellow fields and the quarterly tax payment calculator will give you an estimate of what you owe this year.

Step 2:Quarterly Tax Payment Calculator

For federal taxes, enter your planned W-2 withholding(s) in the yellow field (and if you or your spouse has a W-2). This will auto-populate how much you need to pay in taxes each quarter. 

To the right of the Federal Taxes Table, you’ll see a place to record what you’ve already paid, when you paid it, and any notes related to the payment such as from a specific account. While many things are automated in our business lives, anything we do personally is usually outside of those systems. This tool allows you to capture those items and communicate those to your tax advisor (and to future you). 

Step 3:

quarterly tax payment calculatorDo the same for your state taxes as you did for the federal portion, this time adjusting the tax rate for the appropriate state in which you do business. 

The State Taxes Table has the same area to the right of it where you can record payments, track when those payments were made, and add any notes that you may need to keep track of regarding those payments. 

*Keep in mind that this is a simplistic percentage and as such, does not take into account the deductions and credits available specific to certain states. For a customized and more precise measurement of quarterly state taxes, schedule time with a team member below. 

Step 4:Quarterly Tax Payment CalculatorYou’ll most likely have a few questions regarding your taxes as you use this calculator, make payments, and record notes. This section is for you to keep track of any questions that arise during the process so you can remember to ask them when you meet with an Acuity Tax Pro. 

Have Questions? Need Help?

Have questions or need help using the quarterly tax payment calculator? We’re here to help. Take advantage of our free tax office hours – a free 30-minute zoom consultation to talk about any questions you may have. Or if you are ready to get this off your plate entirely, talk to a team member about our tax services and how we can ensure you are more than ready for next year’s tax season.