Estimated Tax Deadline Coming Up!
It’s that time again. Your estimated taxes for the 3rd quarter are due Monday, September 16. Are you prepared? If not, don’t worry. I have information to get you started.
Who’s expected to pay their quarterly taxes?
Typically those paying their taxes on a quarterly basis include small business owners, self-employed individuals, and freelancers. If you freelance on the side, how do you know if you qualify? If you’re expected to owe $1,000 or more for your taxes, then you are expected to pay your estimated taxes.
When are Taxes Due?
How do you know when your taxes are due? The good news is that the IRS has a standard schedule to help you figure when you need to pay. Your estimated taxes are due four times a year shortly after the previous quarter. However, they aren’t due every 3 months.
Here’s the schedule:
- 1st Quarter (January 1 – March 31): April 15
- 2nd Quarter (April 1 – May 31): June 15
- 3rd Quarter (June 1- August 31): September 15
- 4th Quarter (September 1 – December 31): January 15
If the15th falls on a weekend like the due date coming up or a holiday, then the due date is the next week day. That means that the next 4 dates for your estimated tax payments are:
- September 16, 2013
- January 15, 2014
- April 15, 2014
- June 16, 2014
You may want to mark your calenders now to help you for your next few payments.
When you prepare your taxes with TurboTax the software will automatically calculate your estimated tax payments and print out payment vouchers for you to send in to the IRS.
Making Your Estimated Tax Payments
Now that you know what you owe, it’s time to get that payment in. Fortunately, there are several options:
- Mail- TurboTax will print out the estimated tax payment vouchers and give you instructions on where to mail them.
- Phone – You can pay by phone at 1-800-555-4477.
- Pay Online – Pay online at http://www.irs.gov/e-pay
If you’re paying by mail, please make sure your payment is postmarked no later than the due date to avoid penalties.
Tips on Making Your Quartly Tax Payments Easier
Here are some tips to make tax time easier:
- Forget filling out hand written forms. TurboTax will figure out and generate your estimated payment vouchers automatically when you prepare your taxes using TurboTax.
- Have a record of all your estimated tax payments on hand. Should anything come up when you file your taxes, having the paperwork handy is vital. Having my payment information on hand helped me get the refund due to us.
Thoughts on Your Taxes
How many of you pay quarterly estimated taxes? Do you wait until the last minute or are you an early bird? Do you have any additional tips for those just starting with paying their quarterly taxes?