How often should an author be paying income tax?

January 7th, 2013 → 1:05 pm @ // No Comments

I read online that I should be paying my taxes 3 times per year instead of only at April 15. Is that correct? If so, which months should I be doing that in?
Thank you for your help!
OM from GA

Dear OM,

If you will owe more than $1,000 after subtracting your deductions, credits, payments, etc, the IRS will charge you an under-payment penalty.
To avoid that penalty, you should make quarterly payments.

The due dates are:
For the period: Due date:
Jan. 1 – March 31 April 15
April 1 – May 31 June 15
June 1 – August 31 September 15
Sept. 1 – Dec. 31 January 15 of the next year

 

You can pay by check, using Form 1040-ES Estimated Tax for Individuals or electronically using the IRS payment system Electronic Federal Tax Payment System EFTPS.

For details visit this IRS site:
http://www.irs.gov/publications/p505/ch02.html#d0e6371

I hope that helps!

Carol Topp, CPA


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