Do I need to pay estimated quarterly taxes for my craft business?
Estimated tax payments often apply if you expect to owe tax after withholdings.
The Narrative
The Empathy
You are making sales throughout the year and worry about a big tax bill later. Quarterly payments sound complicated and easy to miss.
The Education
The IRS generally expects estimated payments if you will owe a certain amount of tax beyond what is withheld from other income. For self-employed vendors, that can include income tax and self-employment tax. If your business is seasonal, you can estimate based on actual sales and adjust as the year progresses.
The Solution
Track profit monthly and estimate your yearly tax liability, then pay quarterly if required. Set aside a percentage of profit into a tax savings account so payments are manageable. If you are unsure, consult a tax professional for a quick estimated payment plan.
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