Good morning! It’s Wednesday, May 20, 2026 — and you have exactly 26 days until the June 15 Q2 estimated tax deadline.
If you’re a freelancer, gig worker, or self-employed professional, that ticking clock matters. Missing quarterly tax deadlines can cost you in penalties and interest. Let’s make sure you’re ready.
Your 5-Step Wednesday Morning Tax Prep Checklist
1. Review Your Income Year-to-Date
Open your accounting software or spreadsheet. What have you earned from January through May? Write it down. You need this number to estimate your Q2 payment.
2. Gather All Receipts and Expenses
Home office costs, software subscriptions, travel, equipment, professional services — every deductible expense reduces your taxable income. If you’re digging through email inboxes or shoeboxes, consider this a sign to upgrade your system.
3. Calculate Your Estimated Tax Payment
The IRS expects you to pay 90% of your total tax liability by year-end through quarterly installments. For Q2, you’ll typically pay roughly 25% of your annual estimated tax. Use IRS Direct Pay or Form 1040-ES.
4. Verify Your Estimated Tax Method
Two common approaches:
- Safe Harbor: Pay 100% of last year’s tax liability (110% if your AGI was over $150,000). This avoids penalties even if your income grows.
- Actual Income: Pay based on current-year earnings. Higher risk but more accurate if income fluctuates.
5. Automate for Next Quarter
Don’t do this scramble again in September. Set up a simple system that tracks receipts and income in real time. The easier it is to see your numbers, the easier it is to stay compliant.
Why June 15 Matters
June 15 is the deadline for Q2 estimated taxes (covering April and May income). If you miss it, the IRS charges interest on underpayment — currently around 8% annually. That’s money you could keep.
The Easier Path: BudgetX
Every Wednesday, your future self will thank you for setting up BudgetX. It automatically scans receipts, categorizes expenses, and shows your real income vs. expenses — no manual entry needed.
26 days is enough time to get organized, pay accurately, and avoid penalties. Start now.