Depending on your Nurse Practitioner business structure, Monday September 15th, 2008 is the due date for your third quarterly (Q3) self employment tax payment. Federal estimated self employment taxes, are based on your estimated/projected income for the year and are paid to the United States Treasury four times each year.
As employed NPs, taxes are taken out of our pay each pay period. When self employed, the US government still wants those taxes when we generate income and hence we are required to pay our own self employment taxes at least four times a year.
The first payment is due April 15th of each year. As you can see, the first due date coincides with the personal income tax deadline. This little fact can pose some challenges for new and established businesses alike. At times, new businesses do not fully realized the impact of the combined deadline and fail to plan accordingly. At other times, businesses may simply experience cash flow problems which may make it challenging to meet this obligation.
Payment two is due around June 15th, payment three is due around September 15th and payment four is due around January 15th of the following year. I say payments are due “around … ” because the actual due dates vary with each calendar year. Due dates may be adjusted each year by a day or two so that they fall on on weekdays and not on weekends.