You are the ONLY ONE I’ve found who has explained state quarterly estimated taxes in addition to federal. So hard to find this information. Thank you so much! ❤️

@MaddyBeard

Жыл бұрын

I’m so glad to help!! :)) thank you!

Thank you so much!!! Your explanation is walk thru are super clear!!! It's been a huge help for me!!!

Seriously thank you SO much for putting this in terms that I could understand!!

This was the best explanation of taxes I've found...thank you so much!

This was awesome! Thank you.

This was great! Thank you!

wish, we had a step-by-step like this for sales tax filling. Great job!

This was so helpful. Thanks x 1000 :)

Great video! Ty!

Agree with many comments from others. Your explanation is very linear, practical, and step by step. Appreciate this hard work and much success in your business. kind regards!

I look forward to more of your advice!

Life saver! I started a contracting job this month and had no idea how any of this worked and every video only seemed to make it more confusing. This is the clearest explanation I've found + explaining state tax was so useful. Thanks

@MaddyBeard

11 ай бұрын

Awh yay! I’m so glad it helped! :) thank you

thank you so much! I watched it three times while doing my taxes! big help!

@MaddyBeard

Жыл бұрын

Yessss that makes me so happy 🙌🏼

This hands down was the clearest and most helpful video on the topic I've seen. The examples were extremely helpful!

@MaddyBeard

10 ай бұрын

I’m so glad it was helpful!! Thank you so much

@fortheloafofGod

10 ай бұрын

Honestly, thank you! I was beyond stressed trying to figure this out and you made it so simple. God bless!@@MaddyBeard

You're literally a life saver

your amazing!

Thank you so much!

Thank you a million times

Thanks!

That Notion Template you are using to track income and expenses looks amazing! I would totally buy that lol

@MaddyBeard

3 ай бұрын

Thank you!! Good to know lol ☺️

THANK you GIRL!! Just starting out my own business here in CO and am practically a baby with all of this. Thanks for the easy understanding of the basics!

@MaddyBeard

Жыл бұрын

Aw you’re so welcome!!

Excellent

Hi Maddy 👋😊 thanks so much for this video tutorial.. I like how you breakdown how to pay estimated taxes.. I wish this was a course in school.. because there's a lot of us including me are overwhelmed and confused about the process of paying taxes to the IRS. Really appreciate it Maddy.. hope all is well with you, and the new home or project.. and I will definitely come back to this video from time to time.. have an awesome Labor Day Weekend

@MaddyBeard

Жыл бұрын

Thanks so much Richard!!! ☺️

@erincorona81

Жыл бұрын

It absolutely *should* be a course in school, but then everyone would know early on how much money the government is actually taking and how badly they mismanage all our money that we work so hard for. My boyfriend and I were just discussing this very thing. We do not think it's an oversight, but is absolutely intentional. Fwiw, which I know isn't much. 😂😂😂😂

@richardottley4611

Жыл бұрын

@@erincorona81 Agreed with u 💯😅

Amazing breakdown. I do similar

Hey Maddy! great video! So I would owe income tax(estimated) + S.E. Tax each quarter right?

@Jaz-mf8op

Жыл бұрын

😅 I'm wondering this too.

So helpful! What is the spreadsheet program you use to track income and expense?

@MaddyBeard

Жыл бұрын

It’s Notion! :)

Aurora Colorado??? I lived there it’s not so good

When do you factor in the 92.35% is taxable for self employment of net earnings?

so basically make the payments quarterly, then at the end of the year fill out a schedule C with your form 1040?

Oh. My. God. Best explanation hands down. I have been harassing my local H&R with probably the dumbest questions because I am hella confused. Like I was 100% sure SE Tax and Federal were the same thing, not two separate taxes. I would have made a huge booboo..😂.

My first check will be mid May so due date for this quarter is June 15?

When I went to download the PDF it just sent me to a subscription page to your email list :(

I have an LLC im the employee. Do i have to pay only 15.3% or something else, too, like, state and local taxes? Thanks

Hi, I am filling out a CSU application for college and it is asking me to input my Parents' adjusted gross income (AGI) for 2022 and my Parents' untaxed income and benefits for 2022. I know the AGI can be found on line 11 of the 1040 form on the 2022 Individual Tax Return, but I want to confirm where I can find the amount for the untaxed income and benefits? Is it line 2a where it says “Tax-exempt interest” or is it line 2b where it says “Taxable interest”? Line 2a is blank, but line 2b has an amount. Which one would I put? Thank you!

I will have to pay quarterly taxes this year and am frustrated with how things work in general. I don't understand why I can't just send in my taxes based on my actual income each quarter! Estimating seems ridiculous to me. Now, as far as estimating goes, couldn't I just estimate based on whatever my taxes wound up being on my 1040 for 2022? That seems to be so straight forward. However, I am not sure if I would estimate quarterly payments based on my 2022 1040 line 24 or line 37. Any thoughts?

@GMoney-B

Жыл бұрын

So many similar thoughts. Why the heck do we need to estimate and not just pay taxes due, wtf. This is my first year I am having to do all this estimated tax and quarterly payment nonsense. The only reason we have to do taxes in general anyway is because there are lobbyists in the government for turbotax that intentionally make everything complicated. Probably for other tax filing companies too. Many people have said that technology is more than sufficient to take care of EVERYTHING automatically. We have these boxes called computers that you know, do things and think for themselves. Uhhg. I was so frustrated and stressed out because I somehow owed a bunch from last year from starting my business and nothing is helpful. Even on turbo tax they have all the help guides for the non-business or self-employed but for self-employed they leave you high and dry. Ontop of that I never received my $800 tax return turbo tax said I would be getting from last year at tax time. Sometimes I feel like the irs is just hosing everybody every chance they get. Like with everything else I just have to keep telling myself i will learn eventually, get the hang of it and it won't seem so complicated and moronically engineered.

@SuperJ213

Жыл бұрын

@@GMoney-B Well, I sent my estimated payment last week. I used the tax table as my basis (assuming I'll be in the $22,000 to $89,450 range this year) to get the income tax figured out (i.e., took my first quarter, multiplied by 4, subtracted $22,000, multiplied by 12%, then divided by 4) and added it to 15.3% of the money I received in Q1. I prepared a spreadsheet to keep track of my payments and to calculate the rest of the quarters, so here on out it should be pretty simple I suppose. I found that making payments through the IRS' website was straight forward which I appreciated, as opposed to the EFTPS website which left me frustrated.

I love you

For 6 years I've been paying annually taxes. I don't see penalties on my 1040? This year I saw vouchers for quarterly. Soooooooooo i am confused. I check my previous years 1040 i noticed i do have vouchers. Non of them has penalties. Is Uncle Sam just collecting them and holding it?

Im self employed (realtor) can i pay it once a year when i receive 1099 or i must pay it quarterly with estimated amount? I heard i will pay penalty if i pay it once a year and not quarterly. Can someone please let me know.

So I just started my business, since this is a quarter month when would I start paying taxes?

@MaddyBeard

Жыл бұрын

If you literally JUST started making money, you can probably wait until Jan. 2023. But if you’ve been at it for a few months and have brought in more than a couple thousand dollars, you might as well pay Q3 est. taxes this month :)

Great video, was extremely helpful however I went to go and download the PDF, checked my email, had to subscribe to get it but I never got it

@MaddyBeard

3 ай бұрын

Sorry about that!! Sometimes it gives me trouble…. Email me at maddy@maddybeard.com and I’ll send it to you!

I can't seem to find any videos on what to do if you have a full-time job AND freelancing income. Do I add my W-2 income to the freelancing income or do I keep them separate? I'm praying I keep them separate, but I need confirmation. Does anyone know where to find specific instructions for my situation? I would appreciate it so much!!

@MaddyBeard

Жыл бұрын

Yes you keep them separate! :)

@erincorona81

Жыл бұрын

@@MaddyBeard Thank God. Thanks for replying. I'm creating my own formulas in my spreadsheet to check everything and that helped me a lot. I *think* I understand it now. Thanks so much for your video! Might I suggest a targeted one for people like me with a full-time job and freelancing income? There isn't' much when you search for that, so you'll help yourself too. ;) Win-win! Happy Saturday!

if you a virtual staffing agency do you pay state tax?

@MaddyBeard

Жыл бұрын

You’ll have to do some research for your specific case but likely if you do not receive paychecks where income taxes are already taken out, you will pay state income tax for the state you live in

Wait. for the federal quarterly payments, a self-employed person earning around $50000, would need to pay $2725.25 every quarter? So, in one year that's $10901 in taxes? Leaving a take-home pay of only $39099? We went from $50000 to $39099 in one year. Is that right? Or did I get something wrong because right now my eyes are bleeding.

@MaddyBeard

Жыл бұрын

Nope that’s right…… I know. It’s pretty disheartening lol

Can i just pay 35% from my self employment salary every quarter and get refunded at the end of the year?

@MaddyBeard

11 ай бұрын

You can, yeah!

Instead of estimate tax, govt. Should make tax based on how much you earn quaterly without yearly estimation.

@MaddyBeard

Ай бұрын

I totally agree, especially for freelancers it’s impossible to estimate yearly earnings. That’s why I do it this way anyway 🤷🏼‍♀️

Does my kid(age 10) need to pay SE taxes. He makes only 3k a year. From what I understand he doesn’t have to file for income tax, so why does he need to pay SE TAX? CUSTODIAL Roth IRA related - Thank you

@MaddyBeard

10 ай бұрын

To tell you the truth I don’t know!! But I’m very impressed by your 10 year old 👏

@baddboo

10 ай бұрын

@@MaddyBeard Well thanks for being humble and honest! I appreciate that !!! ❤️

Did you take out your expenses?

@MaddyBeard

Жыл бұрын

Yep!

This thumbnail is cute lol

You should save 30% of your business income for taxes.

Thats so dumb….federal income tax and federal self employment tax…thats criminal😊

so if I'm a self employed delivery driver instead of writing off all my itemized deductions can I just do mileage and calculate the 59 cents per mile as my business expenses?

@800MyCredit

Жыл бұрын

Yes unless you have other expenses you can write off, then you don't just want to note your mileage I'd assume.

thank you but I have a huge headache now

I think I have to pay like 25k for the year 🥹

@alexisrae7503

Жыл бұрын

That’s good! Should mean you made a lot

@SamSung33377

Жыл бұрын

I hope you are taking advantage of all the deductions that are offered

Thanks!

@MaddyBeard

3 ай бұрын

Thank YOU!