For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.
If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8 p.m. Eastern time on the due date. If you use a credit or a debit card, you can make payments up to midnight on the due date.
Q1 – April 15, 2021 Not only is this the income tax due date, it’s the due date for your first quarterly estimated tax payment. (Hardly seems fair, does it?) This month, you’ll pay quarterly estimated taxes on the income you made from January 1 – March 31 of 2022.
Q2 – June 15, 2021: This is when you’ll pay quarterly estimated taxes on the income you made from April 1 – May 31 of 2022.
Q3 – September 15, 2021: Quarterly estimated taxes for the months from June 1 – August 31 of 2022 are due on this date.
Q4 – January 15, (Jan 16th, 2023 due to the 15th falling on the weekend): Quarterly estimated taxes for the months from September 1 – December 31 of 2022 are due on this date.
However, you don’t have to make this payment if you file your 2022 return (Form 1040 or Form 1040-SR) and pay any tax due by January 31, 2023.
Fiscal Year Taxpayers – If your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505
See IRS Website for more information.
Materials posted in this article are for informational purposes only and should not be regarded as accounting or tax advice provided by YR Tax Compliance LLC. These materials have been prepared by professionals, however they should not replace professional services, and the user should seek advice before acting on any information presented. Every situation is uniquely different, and could make a world of difference on implementation of specific regulations. YR TAX Compliance LLC assumes no obligation to provide notification of changes of tax laws, regulations or other factors that could affect the information posted.