Q&A with Intuit on Quarterly Taxes for Real Estate Agents
As a real estate agent, you’re considered self-employed by the IRS, even if you work under a brokerage. This means it’s on you to know the basics of tax and finance management, since you’re responsible for your own. Luckily, the experts at QuickBooks Self-Employed are here to help with some FAQs below.
Q. Do you have to pay quarterly taxes?
Not paying quarterly taxes will result in a penalty fine. It’s also a red flag for an audit.
Q. How much do you have to make to know whether or not you owe quarterly taxes?
If you expect to owe more than $1,000 in annual taxes, the IRS expects you to pay quarterly taxes.
Q. When are quarterly taxes due?
January 15, April 15, June 15 and September 15.
Q. How do you pay quarterly taxes?
Most individuals filing quarterly taxes use the Form 1040-ES to file. Payments are easy to make online or by phone.
Q. What’s the step-by-step process of paying quarterly taxes?
- Determine your net income.
- Calculate your self-employment tax.
- Determine your itemizations.
- Subtract your personal exemption.
- Determine your federal tax rate.
- Subtract any tax credits.
- Divide the tax due by the four IRS quarters
Don’t want the hassle of dealing with quarterly taxes? Download QuickBooks Self-Employed now. You can get it by itself free for 30 days and then, get 50% off your first year. You can also get it with a subscription to TurboTax so that your income, expenses, and deductions flow right into TurboTax for a stress free tax experience.
QuickBooks is a proud partner of the National Association of Realtors Benefits Program.
