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As a self-employed individual, you may want to look into filing your taxes quarterly. At some point, you may even be required to do so. While on the surface, it may seem like more of a hassle-doing your taxes four times a year, it's really not as complicated as it sounds. Essentially, you will estimate your tax liability for the upcoming year (based on your prior year's taxes) and pay it in four quarterly installments. This is beneficial in that you are not hit hard at the end of the year with a whopping tax bill due.