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This is my first time as a contractor. I did my quarterly

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This is my first time...
This is my first time as a contractor. I did my quarterly estimate for Q1. That made sense to me: taxes for 3 months. I am now doing my Q2 estimates (I use the quickbooks self employed web app my estimated tax) and it is pretty close to Q1. Problem is its the same amount owed but only for 2 months of pay. I don't understand why how I am supposed to pay 3 months of taxes on 2 months of pay.
Submitted: 2 years ago.Category: Tax
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Answered in 16 minutes by:
6/11/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,202
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
The first payment in April was for Jan through march.
1st payment: April 15, 2015
2nd payment: June 15, 2015
3rd payment: September 15, 2015
4th payment: January 15, 2016
The first quarter is three months (January 1 to March 31), but the second "quarter" is two months long (April 1 to May 31), the third is three months (June 1 to August 31) and the fourth covers the final four months of the year.
Quickbooks appears to be estimating your payments based on the true 3 calendar months in the quarter.
At years end your accounting for the taxes paid and the total liability will be shown.
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Customer reply replied 2 years ago
Can I for go what they recommend and just pay it for 2 months?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Yes you certainly can.
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Customer reply replied 2 years ago
I just saw this on the quick books site. Thoughts?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
They are counting just 2 months in the 2nd quarter.
Even at that amount total, one could make estimates of $9451 each quarter and be correct, providing the total for the year is $37,802.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Please let me know if you need more information about estimated taxes.
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,202
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Experience: 15years with H & R Block. Divisional leader, Instructor

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