If you are paid on a 1099 or run a business, taxes are not withheld. The IRS expects estimated payments during the year.
The usual due dates
For income earned in a calendar year: April 15, June 15, September 15 and January 15 of the next year. When a date falls on a weekend or legal holiday, it moves to the next business day.
How much
Your tax preparer can set the amount. Many people pay a quarter of the expected yearly tax each time, or use the prior year's tax to meet the safe harbor.
Set it aside weekly
Moving a set percentage of each payment into a separate account makes the quarterly payment easy.
Our estimated tax calendar lists the dates and splits the amount.
General information, not legal, tax or financial advice.
This article is general information, not legal, tax or regulatory advice. Rules change; confirm current requirements with the responsible agency or a licensed professional.
