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Quarterly Estimated Taxes, The Basics | The Financial Dad
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Welcome to The Financial Dad Podcast!! For our first episode we're covering the basics of Quarterly Estimated Taxes, so fun. Friendly reminder quarterly taxes are due tomorrow, Wed. Jan. 15th!
In this episode, we explore the differences between being an employee and self-employed, the challenges of fluctuating income, and strategies for managing taxes effectively. Our conversation emphasizes the importance of financial literacy and planning for those in creative fields, providing practical advice and insights for navigating the financial landscape.
Talking Points:
🧠 Quarterly estimated taxes are essential for self-employed individuals.
🧠 Self-employed people must pay both employee and employer portions of social security taxes.
🧠 Setting aside a percentage of income for taxes is crucial.
🧠 Fluctuating income can complicate tax payments, but strategies exist to manage it.
🧠 Using accounting software can help track income and expenses effectively.
🧠 Paying taxes on time can prevent additional penalties and interest.
🧠 Creating a separate account for tax savings can help manage funds better.
🧠 Understanding tax obligations is vital for financial planning.
🧠 The importance of mental toughness in entrepreneurship cannot be overstated.
🧠 Future episodes will cover budgeting, financial strategies, and more.
00:00 Introduction to Financial Dad Podcast
03:37 Understanding Estimated Taxes
09:51 Managing Fluctuating Income and Taxes
15:41 Strategies for Paying Quarterly Taxes
24:14 Dealing with Tax Liabilities and Extensions
Mentioned in this episode:
Profit First by Michael Michalowicz
The Financial Dad™ is a podcast for creatives, freelancers and entrepreneurs to help young self-employeds figure out their finances in a world built for employees, not entrepreneurs—from quarterly taxes to W9s to retirement plans to insurance and saving—we’ve got you covered.
Hosted by:
Tim Smith, CFP®, Bridget Sicsko (PR Strategist) + Hally Smith (Actress)
👉Subscribe:
https://www.youtube.com/@Thefinancialdad
👀Follow:
https://www.instagram.com/thefinancialdad_/
✍️Trusted Resources:
Quickbooks
Notion
Riverside
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