How To Pay Estimated Taxes

tax-payIf you are self-employed and/or you are earning money that is not getting taxes taken out, you’ll need to pay quarterly estimated taxes to the IRS (and very likely your state and maybe even your city/town/village). This page deals only with paying your estimated taxes to the IRS.

In general, you’ll need to pay estimated taxes to the IRS if you expect to owe at least $1,000 in taxes for the year ($500 if filing as a corporation). But, being the IRS, there are always shades of gray, so you’ll have to download this 1040-ES instruction page to see if you must pay estimated taxes and to figure out how much to pay if you do.

Assuming you owe taxes, they are due on April 15 (for earnings Jan. 1 – Mar. 31), June 15 (for earnings Apr. 1 – May 31), September 15 (for earnings June 1 – Aug. 31), and January 15 of the following year (for earnings Sep. 1 – Dec. 31 of the previous year). If any of these dates fall on a holiday or weekend, the due date extends to the following regular weekday.

Here are your options for paying the taxes themselves: