How much should I set aside for taxes this quarter?
Most people who work for themselves have no boss holding back taxes from their pay. The IRS still expects to get paid during the year, not only in April. This calculator gives you a quick ballpark of what to move into savings, so a tax bill doesn't catch you off guard.
Income minus business expenses for that period.
Type your own rate. States without an income tax fill in 0%.
Set aside $0.00
- Federal estimate (20%)
- $0.00
- Self-employment tax (15.3%)
- $0.00
- State estimate (0%)
- $0.00
- Per quarter (total ÷ 4)
- $0.00
This is a simplified estimate, not tax advice. It uses about 20% for federal income tax, 15.3% for self-employment tax on your full net profit, and the state rate you enter. It does not include deductions, credits, other income, your filing status, or the self-employment tax adjustments the IRS uses, so your actual tax may be higher or lower. Talk to a tax professional about your situation.
Example: $10,000 net profit this quarter with a 5% state rate → $2,000 federal + $1,530 self-employment + $500 state = $4,030 to set aside.
How to use it
Enter your net profit, meaning what you brought in minus what you spent to run the business. Choose this quarter or the full year, then pick your state or type in your own rate. You'll see one number to set aside and how it breaks down.
How this is calculated
We add three pieces, the same way the tax card in the MiniCFO.io app does:
- About 20% for federal income tax. This is a rough middle-of-the-road rate, and your real rate depends on your total income, deductions, and filing status.
- 15.3% for self-employment tax (Social Security and Medicare). The IRS actually applies this to 92.35% of your net earnings and caps the Social Security part at a yearly wage limit, so this shortcut usually comes out a little high. That's not a bad thing when you're saving.
- Your state's rate, whatever you entered.
When quarterly payments are due
For most people the IRS splits the year into four payment periods, with due dates of April 15, June 15, September 15, and January 15 of the following year. If a date falls on a weekend or holiday, it moves to the next business day. Check the current dates at irs.gov/faqs/estimated-tax.
Let the set-aside keep track of itself
In MiniCFO.io, the same estimate updates as you log jobs and expenses from your phone. You'll see the next quarterly due date with a countdown and can tap Mark as Paid when the payment is done. It's still an estimate, not tax advice. It just saves you from doing the math on a napkin.
Try MiniCFO.io for $10 for the first month, then $35/month, no contracts.
What is MiniCFO.io?
MiniCFO.io is a simple AI financial assistant for busy mobile service businesses. You keep track of money from your phone, see roughly what to set aside for taxes, and ask questions about your own numbers in plain English. Stop guessing. Start knowing.
- Log income and expenses from your phone in a few taps
- Receipt scanning
- Mileage log for business trips
- Tax set-aside estimate with a quarterly due-date card and Mark as Paid (an estimate, not tax advice)
- 6-month cash flow projection
- Plain-English AI chat and Live CFO voice on your own numbers
- Works side by side with QuickBooks through file import and export, plus CSV export
- Mobile-friendly: add it to your home screen from the browser, no app store needed
Try MiniCFO.io for $10 for the first month, then $35/month, no contracts.