Episode 75: Calculating Quarterly Tax Payments for Grubhub Doordash Uber Eats Contractors

Deliver on Your Business

I'm sure you've seen it - the clip from Jim Mora when he was a coach with the Colts:
Playoffs? You kidding me?
Taxes? You talking about taxes? Taxes? You kidding me???
That's how a lot of us feel. I had something I was thinking of that might be more fun to talk about, and I could have waited on this topic to be honest. Originally June 15 would have been the deadline for 2nd quarter quarterly estimated tax payments. So it made sense to bring this up.
Due to the pandemic the government saw fit to push that back to July 15, but if you haven't been thinking about it, maybe going ahead with this topic gets you thinking so you can start sending in those quarterly payments.
I try not to spend too much time on taxes themselves with this episode. You can find more about how taxes guide in the Tax Guide for Independent Contractors on our site: a series of articles on tax topics for contractors.
There are a couple of screenshots of some forms, if you want to view them you can check out the blog post associated with this episode.
A couple of times we reference the last article in the series on how to save for taxes.
When filing your quarterly tax estimate you will use IRS Form 1040-ES. It's actually quite simple. It's "tell us who you are and how much you are giving us." That's it. The instructions can be intimidating. You can view the form and its instructions here.
One resource I mention for figuring out estimated taxes is Quickbooks Self Employed. Note that this link is an affiliate link, I may receive compensation when items are purchased.
One last article that was published about making a fourth quarter payment.
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