How often should an author be paying income tax?
January 7th, 2013 → 1:05 pm @ Carol
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.
| 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:
https://www.irs.gov/publications/p505/ch02.html#d0e6371
I hope that helps!
Carol Topp, CPA
