A lot of my 1099 Misc - Schedule C clients struggle at times with the decision whether to make their estimated tax payments or mortgage payments, credit cards payments, buy groceries, pay utilities, etc.
What I tell my clients is the April 15th, June 17th, September 10th 2019 and January 17, 2020 are DUE dates not payment dates. By taking their 2018 tax return and dividing line 15 Total Tax by line 10 Taxable Income they will find their tax bracket. Then every time they get a commission check take the tax bracket % and multiply times the amount of the commission check. Use that amount to make an estimated tax payment. Do this every time you get a commission check.
It's less of a financial burden paying a little at a time rather than a large sum on the due dates especially if you had a lot of closings in the quarter.
Use the same methodology if your state has an income tax using your prior year's state tax return.
If you or someone you know has an IRS issue, feel free to contact me at finmansvc@gmail.com or toll free at 800-485-0123
Hope this helps!
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