This is definitely new to me. I only worry about taxes once a year. Starting this year my total household income is about 163,500 - does it really make a difference whether I pay the estimated quarterly taxes or wait till tax season?
I write this because I almost forgot about the June 15 deadline myself. It wasn’t until last night that I saw a little reminder on my computer alerting me to today’s due date. It has always confused me about the due dates for estimated taxes. The last payment was due on April 15th, yet the next payment is due only two months later. Then the next one isn’t due until September, and the final one isn’t due for another four months in January of next year.
Why can’t the due dates just fall every three months? I’m sure there is some really good reason for the odd schedule, but then again it is the IRS and we’re talking about the U.S. tax code here. We all know how streamlined that is!
All kidding aside, your next quarterly estimated tax payment is due today. The easiest way to make these payments is online through EFTPS.gov but you can still mail it in with a voucher if you want.
The Payment Schedule
If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. The payment periods and due dates for estimated tax payments are:
Have you been wondering if you should even be paying estimated taxes? Don’t worry, you’re not alone. If you aren’t sure, be sure to check out IRS Publication 505 for all the information you could ever want on estimated taxes. It’s better to be safe than sorry and end up with underpayment penalties, so check it out if you’re unsure.
And don’t be like me and wait until the last day to remember. Set up scheduled payments with EFTPS or set a reminder for a few days in advance.
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Filed Under: Taxes
About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.