How to Calculate Quarterly Estimated Taxes When You're Newly Self-Employed (Without an Accountant)

Nobody Warned You That Taxes Weren't Being Withheld

If you left a W-2 job to freelance, consult, or drive for a gig platform, you probably had a small heart attack when someone mentioned "quarterly estimated taxes." Your old employer quietly pulled taxes out of every paycheck. Now that money hits your bank account whole — and the IRS still expects its cut, four times a year. Miss a payment and you can get hit with an underpayment penalty, even if you pay everything in April.

Here's the good news: you do not need to hire a $300/hour accountant in your first year to stay out of trouble. You need to understand a handful of things and send a reasonable number on time. This guide walks you through exactly that.

The Dates You Absolutely Cannot Miss

Estimated taxes are due four times a year — roughly April 15, June 15, September 15, and January 15. Notice they aren't evenly spaced. The "Q2" payment is only two months after Q1. Put every date in your calendar right now, because "I forgot" is the number one reason new freelancers get penalized.