Personal Taxes for self employed individual

Hey YNABers!

I am super new to the platform and need to know how to deal with big quarterly tax payments when they are deducted from my checking account? Also does anyone have any advice on how they budget in YNAB for quarerlies. Thanks in advance! Rick

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  • It's a True Expense. Spread contributions over each month as you go.

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    • dakinemaui Thank you!

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  • Hello, Rick McLean !

    I also have a small business, and whenever I earn income, I immediately budget a set percentage to my Quarterly Tax category, then send that money (whatever is available in the category) to the government via EFTPS four times a year.

    If your business income is steady, you could use a goal to budget monthly for your quarterlies, but if it's lumpy, a goal probably won't help.

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  • Thank you, Matthew!

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