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March 19, 2022
Question

My quarterly taxes are coming up. I've had a good first quarter, but I'll be making less money on the 2nd and 3rd quarter. Will my tax payment decrease when that happens?

  • March 19, 2022
  • 1 reply
  • 4 views
I appreciate any help with this.

1 reply

Rose-A
Level 10
March 19, 2022

Thanks for checking with us, learnspanishwith.

 

Yes, tax payment will decrease since you're making less money for the 2nd and 3rd quarters.

 

To decrease your self-employment tax, you should be extremely thorough when preparing your Schedule C to ensure you deduct every possible business expense.

 

In case you need help with categorizing your transactions in QuickBooks Self-Employed, you can refer to this article: Updates to expense categories in QuickBooks Self-Employed. This will help guide you on how to report your self-employed income and expenses.

 

Keep me posted if you have any other questions about QuickBooks Self-Employed. I'm always up to keep helping. Have a nice day!