October 28th, 2022 in Tax Law
When are quarterly taxes due? If you have earned money that does not have taxes withheld when you are paid, you will probably need to pay quarterly tax payments. An example is a real estate agent does not have taxes withheld when a property is sold. The real estate agent will need to make estimated tax payments every quarter to cover their annual federal income taxes.
For the income earned in January, February and March, the estimated tax payment is due April 15, 2019. This is the same day income taxes are due for tax year 2018.
For the income earned in April, May and June, the estimated tax payment is due June 17, 2019. For the income earned in July, August and September, the estimated tax payment is due on September 16, 2019. For the income earned in October, November and December, the estimated tax payment is due January 15, 2020.
If the proper amount of estimated tax payments are made, no federal income taxes will be owed on April 15, 2020.
