If you’re self-employed (running a business), you need to know that the IRS expects you to make estimated payments each quarter.
“Taxes are pay-as-you-go,” the official IRS page said. “This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year.”
Payments are due four times a year:
Estimated tax payments are due as follows:
- April 15 for income from January 1 to March 31
- June 15 for income from April 1 to May 31
- September 15 for income from June 1 to August 31
- January 15 of the following year for income from September 1 to December 31
You can make payments online or using the IRS app, among other ways.
Get the full details from the IRS at Pay As You Go, So You Won’t Owe.
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Glenna Mae Hendricks. She is an entrepreneur and income tax consultant, so we get lots of good tax tips from her. She is an oenophile (“look that up in your Funk and Wagnall’s,” she says), and a wine enjoyment teacher/guide who also writes wine notes at the Allen’s Retail Liquors site. Her political thoughts (and occasional outbursts of domesticity) appear at Old Feminist and Wild-eyed Liberal.