A sole proprietor pays quarterly taxes based on income generated for the quarter. End of the year, he or she needs to file a form Schedule C on the form 1040 for individuals.
There will be penalties assessed at the time of tax filing if taxes are not paid by these due dates.
The quarterly general deadlines for estimating and paying taxes is as follows :
January 1 – March 31 Q1
Due Date April 15
April 1 – May 31
Due Date June 15
June 1 – August 31
Due Date September 15
September 1 – December 31
Due Date January 15* of the following year.
** Based on the response we posted to a question on quora.
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