Quarterly Tax Filing in Alaska is done on a schedule set by the IRS. Anyone who is self-employed may be subject to having to file and pay taxes every quarter.
Frequently asked questions about Quarterly tax Filing
What is quarterly filing?: Quarterly tax aka estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you.
Who has to file quarterly taxes?: “If you are filing as a sole proprietor, partner, S-corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return,” notes the IRS.
How do I file quarterly taxes?: Once you’ve calculated your quarterly payments, you can submit them online through the Electronic Federal Tax Payment System. You can also pay using paper forms supplied by the IRS or come in to Alaska Tax Lady and have your quarterly taxes filed by a professional. When you file your annual tax return in April, you will pay the balance of taxes that were not covered by your quarterly payments.
Make an appointment, call or stop by our Wasilla location at 1301 W. Parks Highway #206 today to discuss your quarterly tax filing needs. We can prepare your quarterly tax filings and payments for you on an annual or quarterly plan. We can also assist you in learning how to prepare your own 1040 ES forms and setting up tour EFTPS credentials to file your self prepared quarterly tax forms.
When do I pay my quarterly ES tax payments?:
Payment Period: January 1 – March 31 Due Date: April 15th
Payment Period: April 1 – May 31 Due Date: June 15th
Payment Period: June 1 – August 31 Due Date: September 15th
Payment Period: September 1 – December 31 Due Date: January 15* of the following year.
*See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax