Calculating quarterly taxes means juggling multiple income streams, deductions, and ever-changing tax rates across spreadsheets. Coefficient’s free Quarterly Tax Estimate Template organizes all your tax calculations in one place, helping you estimate payments accurately and avoid penalties.

What is a Quarterly Tax Estimate?

A quarterly tax estimate calculates the income tax you owe the IRS four times per year if you’re self-employed, a freelancer, or earn income without automatic withholding. Instead of paying once annually, you estimate your tax liability based on expected income and pay in quarterly installments. 

This system helps you avoid a massive tax bill at year-end and prevents underpayment penalties. Getting these estimates right requires tracking income, deductions, credits, and prior payments throughout the year.

Benefits of Using a Quarterly Tax Estimate Template

• Stay ahead of tax deadlines  You’ll know exactly what you owe before each quarterly deadline. No more scrambling through receipts or bank statements at the last minute.
• Avoid underpayment penalties Calculate your estimated tax liability accurately using standardized formulas. The template flags potential underpayments before they become costly penalties.
• Track multiple income streams in one place Freelance work, contract income, rental properties—everything flows into one calculation. You’ll see your complete tax picture without switching between multiple files.
• Plan cash flow with confidence Know your quarterly payment amounts months in advance. You can set aside the right amount each month instead of facing surprise tax bills.
• Maximize deductions and credits The template includes fields for QBI deductions, itemized expenses, and tax credits. You’ll capture every deduction you’re entitled to claim.

Metrics Tracked in the Template

This template calculates and tracks all the essential components of your quarterly tax estimate:

• Estimated Annual Income – Your projected total income for the tax year
• Adjusted Gross Income (AGI) – Income after above-the-line deductions
• Total Tax Liability – Combined federal, state, and self-employment taxes
• Self-Employment Tax – Social Security and Medicare taxes for self-employed individuals
• Federal Income Tax – Your federal tax obligation based on income brackets
• State Income Tax – State-level tax calculations
• Standard Deduction – The IRS standard deduction amount
• Itemized Deductions – Alternative to standard deduction for higher expenses
• Qualified Business Income Deduction (QBI) – 20% deduction for qualified business income
• Tax Credits – Credits that directly reduce your tax liability
• Prior Year Tax Payment – Last year’s total tax for safe harbor calculations
• Year-to-Date Withholdings – Taxes already withheld from other income sources
• Quarterly Payment Amount – What you need to pay each quarter
• Estimated Tax Due – Your remaining tax obligation
• Underpayment Penalty – Potential penalties for insufficient payments

Get Started with Your Quarterly Tax Estimate Template

Download this free template for Google Sheets or Excel and start calculating your quarterly taxes with confidence. You’ll have a clear framework for tracking income, deductions, and tax obligations throughout the year.

Stop guessing at your quarterly payments. Get the template now and take control of your tax planning.