It’s Tuesday evening. You’re probably thinking about dinner, not taxes. But here’s the thing — June 15 is 27 days away, and that’s your Q2 estimated tax deadline.
Most freelancers wait until the last minute. Don’t be most freelancers.
Tonight’s 5-Minute Tax Prep Checklist
Before you settle in for the evening, do these five things:
1. Check Your Income Total
Pull up your bank statements and add up everything you’ve earned January through May. If you use BudgetX, this is already done for you — just open the app.
2. Calculate 90% of What You Owe
The IRS wants 90% of your total tax bill paid by year-end through quarterly installments. Miss Q2 and you’ll owe a penalty on top of your taxes. Use last year’s tax return as a baseline, or estimate based on current income.
3. Review Your Deductible Expenses
Did you track your business expenses? Home office, software subscriptions, equipment, travel — all deductible. The more expenses you have documented, the lower your taxable income. No shoebox needed if you’re scanning receipts with BudgetX.
4. Set a Calendar Reminder for June 10
Give yourself a 5-day buffer. June 10 is your “submit payment” deadline. June 15 is the IRS deadline. You want to be done early.
5. Have Your Payment Method Ready
The IRS offers several payment options:
- IRS Direct Pay — Free, from your bank account
- Electronic Federal Tax Payment System (EFTPS) — Free, enrollment required
- Credit/debit card — Processing fees apply
- Check or money order — Mail with Form 1040-ES
Why June 15 Matters More Than April
April gets all the attention, but Q2 is trickier. Your income might have changed since Q1. You might have new clients, lost clients, or unexpected expenses. The June 15 payment needs to reflect your actual year-to-date income, not a guess.
That’s why real-time tracking matters. When you scan receipts and log income as it happens, you’re not scrambling to reconstruct your financial life in late May.
The Penalty for Missing Q2
Underpayment penalties are calculated quarterly. Miss June 15 and you’ll owe:
- The underpaid amount
- Interest from the due date until payment
- A failure-to-pay penalty (typically 0.5% per month)
It adds up fast. And it’s completely avoidable.
Tonight’s Action Plan
- Open your tracking app or spreadsheet
- Confirm your YTD income total
- Estimate your Q2 payment (roughly 25% of annual taxes if income is steady)
- Set that June 10 reminder
- Go enjoy your evening knowing you’re prepared
BudgetX makes this easier by auto-categorizing every receipt and expense. Scan once, track forever. No more hunting for crumpled receipts at tax time.
Download BudgetX free and get your Q2 taxes sorted tonight.