What are Quarterly Taxes? 🤔
When you're self-employed, taxes aren’t automatically taken out of your income. The IRS and most states expect you to make quarterly payments to stay up-to-date with your taxes throughout the year.
Why Are Quarterly Payments Important? 📎
Paying quarterly taxes helps you avoid penalties and large tax bills at the end of the year. It ensures you’re meeting your tax obligations as you go, instead of having a big payment all at once.
How to Pay Your Quarterly Taxes with WorkMade 💸
Open the WorkMade app and go to the Taxes section in the navigation bar.
Tap "Pay Taxes".
Note: This option is only available during a tax payment window, which happens near the end of each quarter.
Update Your Tax Profile to ensure your information is accurate for the best calculation.
Review Your Tax Overview, including how much WorkMade has saved for you.
Click "Pay Taxes".
We’ll notify you once your payment is received by the IRS, and we’ll start saving for the next quarter.
Enabling Auto Pay for Taxes 🗃️
With Auto Pay, WorkMade will automatically pay your estimated taxes each quarter if the amount is over $100 (or if there’s enough in your tax savings).
Go to Settings in the WorkMade app.
Navigate to the Taxes section.
Toggle the "Auto Pay for Taxes" switch.
Confirm your choice to activate Auto Pay.
By following these steps, you can easily stay on top of your tax payments without the hassle 😌!
📓 Each tax situation is unique. WorkMade provides general info based on guidelines from tax authorities, which may change over time. For more details, refer to Regulation CC.