No one is excited about paying taxes, but for the most part, they're unavoidable for the working woman. Yet, not everyone has to pay quarterly taxes. You may have to get acquainted with quarterly taxes depending on how you earn money and who signs your paychecks. Not only is it essential to know if you should pay quarterly tax payments, but you need to know what your tax liability is and the deadline to submit your taxes — unless you want the IRS visiting.
Who Needs To Pay Quarterly Taxes?
GiphyPlan on paying taxes if you're a small business owner, you haven't had enough of your income withheld, or you're a self-employed individual. Unsure if you're self-employed?
You're self-employed or a small business owner if you're:
- An independent contractor
- A full-time/part-time freelancer
- An individual with a side gig
- A sole proprietor
- A business partnership member - LLC, LLP, LP, GP
You haven't had enough income withheld if:
- You owe a minimum of $1000 in federal income taxes currently after accounting for your refundable and withholding credits.
- Your withheld and refundable credits don't cover more than 90% of your tax liability for the current year or 100% of your liability for the previous year; whichever is lesser of the two. (The threshold is 110% as long as your adjusted gross income in the prior year was larger than $150,000 for jointly filed married partners and $75,000 for singles).
Who Doesn’t Have To Pay Quarterly Taxes?
You don't have to pay to make quarterly tax payments if you're a U.S. citizen or a permanent resident who had no tax liability from the previous year. Also, individuals who don't have untaxed income.
How To Estimate Quarterly Taxes
GiphyTo calculate your estimated tax, you should know your expected adjusted gross income, taxes, deductions, taxable income, and credits for the current year. Then, you can calculate your estimated quarterly taxes using a calculator or manually:
1. Determine Taxable Income. Start by estimating the total amount of income you're expecting to earn during the year. Then subtract deductions that are considered above the line (expenses the IRS allows you to deduct from your gross income) to get an adjusted gross income.
2. Calculate Income Tax and Self-Employment Tax. Once you know your adjusted gross income, it's time to calculate your taxes. First, you need to figure out your tax bracket to determine the rate that you are taxes based on your income. Then, take your income tax rate and multiply it by your adjusted gross income.
If you're self-employed, you calculate your taxes a bit differently. There isn't any need to pay taxes on self-employed income under $400, but if you make more than $400, then you're responsible for a 15.3% tax that's a combination of social security tax and medicare. But, you're only responsible for paying taxes on 92.35% of your estimated total income.
If you had a $50,000 estimated total income, the calculation would be 50,000 x 15.3*% 92.35%, for a total of $7,076.25 in owed taxes.
3. Total Taxes and Divide By Four. Lastly, add your income tax and self-employment tax for the current year and divide your total by four. So pretty much if you owe $10,000 in income tax and you owed $15,000 in self-employment tax, your total income tax is $25,000.
So next, you'd divide $25,000.00 by four, so your quarterly tax payment would be $6,250.
When Are Quarterly Taxes Due
If you plan on paying quarterly taxes, it's a bright idea to know when they're due:
- If you earned income on September 1–December 31, 2020, your quarterly tax payment is due by January 15, 2021.
- If you earned income on January 1–March 31, 2021, your quarterly tax payment is due by April 15, 2021.
- If you earned income on April 1–May 31, 2021, your quarterly tax payment is due by June 15, 2021.
- If you earned income on June 1–August 31, 2021, your quarterly tax payment is due by September 15, 2021.
- If you earned income on September 1–December 31, 2021, your quarterly tax payment is due by Jan 18, 2022.
How Do I Pay Quarterly Taxes?
There are three ways to pay quarterly taxes; the choice is yours. You can pay your taxes the old school way by mailing your estimated tax payments with IRS Form 1040-ES or paying in cash at an IRS retail partner.
Or, you can keep it modern by paying electronically using the IRS's Direct Pay System or the U.S Treasury's Electronic Federal Tax Payment System. Keep in mind, there is a credit card fee of approximately 2% when paying electronically.
You can mail your estimated tax payments with IRS Form 1040-ES. You can pay electronically and use the IRS's Direct Pay system or the U.S. Treasury's Electronic Federal Tax Payment System, for example. Paying with a credit card carries of fee of around 2%.
Now that you have all of the proper knowledge to make quarterly tax payments, it's time to start actually planning to make your payments. Be sure to estimate your taxes reasonably in advance to avoid lacking enough funds to cover your tax payments. Or, you can simply reach out to an accountant who has the expertise to ensure your taxes are taken care of properly.
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It's easy for couples to fall into a routine, going through the motions and letting their connection sit on autopilot. While comfort is natural in a long-term relationship, it’s important to remember: that what you don’t nurture, eventually fades. So, why not make 2025 the year you reset your relationship? Here’s how to start the year with a renewed bond, reigniting the spark that brought you together.
Step 1: Schedule Your Reset Meeting
The first step to hitting the reset button is a State of the Union meeting with your partner. This is your chance to take a pulse on the relationship, discuss what's working, and identify areas that need attention. It’s all about creating space to reflect, without distractions.
Grab a pen and paper (or open a shared note on your phone) and come prepared to share your top 2-3 desires for your relationship.
What do you both want to feel more of in 2025? Maybe it’s feeling more appreciated, or perhaps you want to reignite the passion you had when you first started dating. Whatever it is, get clear about it, and make sure both of you are on the same page.
This isn’t just about listing your own wants, it’s also about discussing ways to nurture each other’s needs. Relationship goals should be focused on fostering deeper intimacy, trust, and mutual respect. Use this time to check in, not only with each other but with your individual feelings and expectations. Set the foundation for a fulfilling year ahead.
Alistair Berg/Getty ImagesStep 2: Set A Date (Or Multiple!)
Having the meeting is only the first step. Now, it’s time to take action. One of the simplest ways to breathe new life into a relationship is by reintroducing consistent, intentional time spent together. For many couples, life gets busy, and date nights fall by the wayside. But dating doesn’t stop when you say "I do"—in fact, it’s even more essential.
During your reset meeting, lock in a regular date night that works for both of your schedules. This could be a weekly dinner date or an every-other-week adventure—whatever keeps things fresh. The goal is consistency. It’s easy to push date nights aside when life gets hectic, but if you set a specific date each week or month, you’re making your relationship a priority.
If you’re unsure what to do for your date nights, don’t worry! The key is creating new experiences together. This is what sparks excitement and brings you closer as a couple. Whether it’s cooking a new recipe together, trying a dance class, or exploring a nearby town, it’s about creating shared memories that build your connection.
Getty ImagesStep 3: Find an Accountability Partner
Just like you might have a personal trainer to help you crush your fitness goals, an accountability partner for your relationship can do wonders for keeping both of you on track. Consider hiring a marriage coach or therapist—someone who can meet you where you are and guide you in strengthening your relationship.
When selecting a professional, it’s important to choose someone who truly wants the best for your marriage and can provide actionable advice.
Don’t be afraid to set high standards for your relationship, and seek guidance on how to keep it thriving for the long haul. In your reset meeting, discuss your commitment to growth, and be honest about areas where you may need support.
Marriage isn’t a set-it-and-forget-it endeavor—it’s an ongoing process. Regular check-ins with a professional can help keep your relationship in tip-top shape and “divorce-proof” by addressing issues before they become insurmountable.
DMP/ Getty ImagesStep 4: Try Something New Together
Stale routines can easily make a relationship feel monotonous. Spice things up by trying something new! Couples that explore new activities and create new memories together have stronger, more fulfilling bonds.
My husband and I host one of the top luxury marriage retreats, A Weekend For Love, designed to help couples experience new things together. From couples' workshops to outdoor adventures, the retreat provides a platform to rediscover each other and reconnect on a deeper level.
The element of surprise can reignite your connection. It’s exciting, fresh, and shows your partner that you’re committed to growing together. This doesn’t have to be a huge commitment—it could be as simple as trying a new hobby or planning an impromptu weekend getaway.
Your Relationship Should Be A Priority
As you start the year with personal goals in mind, don’t forget the importance of nurturing your relationship. It’s easy to get caught up in work, fitness, and family obligations, but your bond with your partner deserves to be at the top of your list. Resetting your relationship offers an opportunity to reignite that spark and remind each other why you fell in love in the first place.
In 2025, make a commitment to prioritize your partnership, to nurture it daily, and to invest in its growth. Take time to celebrate each other’s victories, support one another’s dreams, and build a foundation of love and respect. When you start the year with a clear focus on your relationship, you’re setting it up for success.
So, before you start mapping out your new workout plan or work goals, do yourself a favor: put your relationship at the top of that list. Your love story deserves a fresh start, too.
Happy New Year, and here’s to a love-filled 2025!
Couples, if you are ready to do the work and invest in your relationship register for A Weekend For Love: Heart Retreat Feb 21-23, 2025.
Featured image by zamrznutitonovi/Getty Images
Below, Angel shares the skincare products that make her skin glow and her go-to makeup looks.
Check out her routines below.
Skincare
Vogue/YouTube
Angel starts with La Roche-Posay Hydrating Gentle Cleanser. “I love skincare. Makes me feel good, makes me feel cleanse, especially after a long day because I’m always on the go,” she said. “I play sports, so my face is always drenched with sweat, and I always gotta keep it clean.”
Vogue/YouTube
Angel uses two moisturizers. She uses Fenty Skin Hydra Vizor Invisible Moisturizer SPF 30 first and follows it up with Cetaphil Soothing Gel Cream with Aloe.
"You have to use the thinnest layer and then the thickest layer," she said. "I learned these tips because one time I posted a skincare routine and they were like, you need to run that back. And they taught me you need to do thin then thick and then I could see the complete difference with my skin."
Vogue/YouTube
She keeps Laniege Lip Balm with her at all times, including during games.
Vogue/YouTube
One-Size Setting Spray is her go-to for keeping her makeup fresh on the court. “I usually spray my beauty blender with my setting spray,” she said. “People usually wet the beauty blender under the water, but why not set it with this.”
Vogue/YouTube
She rounds out her beauty routine with mascara, brows, and her lip combo using Rare Beauty Kind Words Lip Liner and Covergirl Clean Fresh Yummy Gloss. But before closing, she made sure to give flowers to the WNBA stars before her who were also known for getting glammed on and off the court.
“I gotta give kudos to the girls who were wearing makeup before. Lisa Leslie, Skylar Diggins, Candace Parker. Everybody already had their edges and their lashes, lipstick on," she said. "Tina Thompson; she used to wear a full red lip on her lips during the game, but that’s something I could probably never do.”
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Feature image by Vogue/YouTube