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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
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I appreciate any help with this.

1 reply

Rose-A
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!