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How to Handle Estimated Tax Payments: A Guide for Self-Employed Professionals in Greece, NY

Published June 1st, 2025 by Nacca And Capizzi

For self-employed individuals in Greece, NY, navigating estimated tax payments is one of the most important — and often most confusing — parts of managing your finances. Unlike traditional employees who have taxes withheld from their paychecks, self-employed professionals are responsible for calculating and submitting their own payments throughout the year.

At Nacca & Capizzi, we regularly help freelancers, contractors, consultants, and small business owners stay ahead of tax deadlines and avoid unnecessary penalties. Here’s what you need to know to take control of your estimated tax obligations in 2025.

What Are Estimated Tax Payments?

Estimated tax payments are quarterly payments made to the IRS and New York State to cover your income tax and self-employment tax liability. If you expect to owe $1,000 or more in taxes when you file, you’re likely required to make these payments.

Payments are generally due on the following schedule:

April 15
June 15
September 15
January 15 (of the following year)

Missing these deadlines — or underpaying — can result in penalties and interest charges. Working with a professional can ensure you're calculating and submitting the right amount.

How to Calculate Estimated Taxes

The IRS recommends using either:

The prior year’s tax liability as a baseline
Or estimating current year income and expenses as accurately as possible

You'll also need to account for self-employment tax (Social Security and Medicare), which adds approximately 15.3% to your overall tax burden. If you’ve recently increased your rates, added clients, or expanded services, you may need to adjust your estimates accordingly.

Our tax planning services help self-employed clients make accurate quarterly calculations and avoid costly surprises at filing time.

Track Your Income and Expenses

Staying organized throughout the year is key to successful estimated tax planning. Make sure you're tracking:

All sources of income (including freelance, consulting, contract work)
Business expenses (software, travel, home office, etc.)
Mileage and receipts

Using software like QuickBooks can help — and our team includes QuickBooks ProAdvisors who can assist with setup, cleanup, or monthly support to make tracking effortless.

Make Payments on Time

You can pay your estimated taxes online through the IRS Direct Pay system and the NYS Department of Taxation. It’s important to:

Mark quarterly due dates on your calendar
Set aside tax funds monthly to stay prepared
Use separate business accounts to keep finances clean

If you’ve missed a payment or need to catch up, Nacca & Capizzi can help you create a plan and minimize penalties.

Plan for Growth and Adjust Along the Way

Your income as a self-employed professional might vary quarter to quarter — especially if you’re growing your business or taking on new clients. This is why it’s important to revisit your estimated taxes mid-year to ensure they still reflect your earnings.

A mid-year checkup with our team can help you adjust your strategy, recalculate payments, and find additional tax-saving opportunities.

Common Mistakes to Avoid

Using the wrong year’s income as a baseline
Forgetting to include self-employment tax
Not tracking business expenses accurately
Skipping a quarterly payment or paying late

These common issues can result in IRS notices, penalties, and stress. With professional guidance, you can avoid these pitfalls entirely.

Get Help from Local Experts in Greece, NY

Self-employment offers flexibility and freedom — but it also requires proactive tax management. Whether you’re a full-time freelancer or balancing a side business, the team at Nacca & Capizzi is here to help you stay organized and confident throughout the year.

From tax planning to bookkeeping and quarterly reviews, we offer full support for self-employed professionals in Greece and the greater Rochester area.

Disclaimer: This article is intended for general guidance and should not be considered tax advice. Please consult a professional at Nacca & Capizzi for advice specific to your situation.

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