When Are Estimated Taxes Due?
Those who pay estimated taxes are on a slightly different schedule from others. People who pay quarterly estimated taxes include workers who are self-employed, earn money from tips, or any similar entrepreneurial or independent contractor jobs. If your paycheck doesn’t have taxes taken out before the money gets to you, you should pay estimated taxes quarterly.
Estimated taxes are due quarterly with Form 1040-ES, and there are two sets of dates. If you’re self-employed or a farmer or fisherman:
- First quarter payments are due April 15
- Second quarter payments are due June 15
- Third quarter payments are due September 15
- Fourth quarter payments are due January 15
If you’re an employee who earns tips, you’ll be paying monthly instead of quarterly:
- January 11
- February 10
- March 10
- April 12
- May 10
- June 10
- July 12
- August 10
- September 10
- October 12
- November 10
- December 10
This is the standard schedule to follow, provided nothing interferes (such as a pandemic). As long as these deadlines aren’t changed, your next estimated taxes payment will be due January 15, 2021, if you’re currently earning self-employment income or January 11 if you earn tips.
If you don’t pay estimated taxes by the deadline, you risk being charged a penalty. The caveat is that if you don’t pay the estimated tax by January 15 but file your 2020 income tax early, you won’t be charged. If you’re self-employed, that date is January 31; for farmers and fishermen, it’s March 1.
If you have questions, contact Yeo & Yeo or visit the Estimated Taxes page on the IRS’s website, www.irs.gov.