Learn how to view, customize, and record your quarterly tax payments directly through your Collective dashboard with the new Quarterly Tax Estimate (QTE) experience.
What's covered in this guide:
- What are quarterly tax estimates (QTEs)?
- How it works: a complete walkthrough
- How your estimates are calculated
- When you may want to estimate differently
- Additional resources and support
What are quarterly tax estimates?
These are payments you make to the IRS, and your state if applicable, throughout the year to cover individual income taxes on your business income. As a solopreneur, your business income flows through to your individual tax return.
Since you don’t have taxes automatically withheld from business income, QTEs are required to pay into your tax bill throughout the year, essentially mimicking withholdings, and help avoid underpayment penalties at tax time.
- Federal payment dates: April 15, June 15, September 15, January 15
- State payments: Align with above (except for CA, which does not have Q3 payments due)
How it works: a complete walkthrough
Step 1: Get started in your dashboard
From your dashboard, go to Taxes → Quarterly estimates → Get started
Step 2: Review your information from last year
If you filed individual taxes through us: We will have your information pre-filled from last year. Just confirm it looks right.
If you used another tax preparer: Enter these amounts from last year’s tax return:
- Your total income (Form 1040, line 11)
- Federal taxes you paid (Form 1040, line 24)
- State taxes you paid
If you haven't filed yet: Check the box and we'll help you estimate your tax estimates based on what you expect to earn this year instead.
Step 3: Update your current information/tax profile
Update your information and we’ll save it to your tax profile:
- State of residence
- Marital status
- Number of dependents
Step 4: Enter payments you've already made this year
Add any tax payments from:
- Previous quarterly payments (we’ll auto-populate any recorded payments we have on file)
- Taxes taken out from paychecks
- Any other payments you made to the IRS or State (uncommon)
This ensures you’re not overpaying taxes and shows how much you may still owe.
Step 5: Review State business taxes
Members in California, D.C., Illinois or New York will now see state business taxes in addition to individual quarterly tax estimates.
We'll calculate any additional state taxes your business owes based on your recent financials. If you’re in a different state, visit your state’s tax website for guidance on state business taxes that may still apply.
Step 6: Review and pay
Review your total estimates and we’ll direct you how to pay:
- Click Pay Now
- You'll be directed to the official government payment site
- Complete your payment there
Once paid, select “I’ve paid the full amount”, or you can select “I”ll finish paying later” if you need more time.
You’ll be able to view your estimate summary from your Quarterly estimates dashboard.
Step 7: You're all set!
Click Done and you’re all set. Your payment details and estimates are saved on your Quarterly estimates page.
🎉 If you’ve paid, Congratulations! You've successfully completed your quarterly estimated tax payments.
How are my estimates calculated
Our standard (default) experience uses an IRS-approved method, called Safe Harbor. This means we base your payments on the taxes you paid last year.
This method protects you from any underpayment penalties, but you may still owe taxes at the end of the year. If you don’t feel this approach is right for your tax situation, you can always switch to our guided tax estimates experience and we'll estimate based on your projected business income estimates instead.
💡 Want to learn more? Read our article, How Collective supports quarterly tax estimates, for more insights.
When you may want to estimate differently
While Safe Harbor is helpful for the majority of members, you may need guided calculations if, for example:
- You haven't filed last year's taxes
- Your income is much higher or lower this year
- Your filing status or dependent status changed
- You moved to a different state
- Your business income varies significantly month to month
We'll estimate your projected business income for this year, and you’ll have the option to adjust these numbers based on what you know about your business. On the next page, you can then add any household income that might affect your taxes.
We’ll use the information you provide to estimate your quarterly taxes due. Similar to the steps above, you’ll have the opportunity to confirm any quarterly payments made to date, view State business tax estimates (if applicable), a summary of your estimates and payment options.
If you have any questions, our support team can help walk you through the tool.
Additional resources and support
Reach out to our support team with any questions via the Message Center. We’re here to help you navigate each deadline with confidence.
The information provided on our website, blogs, and help articles is for general informational purposes only. It is not intended as tax, legal, or professional advice. The content focuses on how to use our services and does not substitute for professional consultation with your attorney and/or tax advisor to get answers to your specific questions and circumstances.