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Another payment for estimated taxes is coming up. When I first started paying them, I was extremely nervous I would mess them up. Paying my estimated taxes has gotten easier as I'm becoming more comfortable with it.

What do Estimated Taxes Cover?

In case you're curious about the purpose of estimated taxes, I checked on the IRS site to find some information.

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return.

Source: IRS

When are Estimated Taxes Due?

Estimated taxes are due on an almost quarterly basis. Here are the upcoming due dates for the next year.

  • January 15th
  • April 15th
  • June 15th
  • September 15th

Payment Methods for Estimated Taxes

If you want to find out how to enroll for EFTPS, check out my post on TurboTax's blog to find out.

If you underpay your taxes, there are penalties. The IRS will send you the bill.

Thoughts on Estimated Taxes

How many of you have estimated taxes due?

Photo Credit: David Reber

About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

2 comments add your comment

  1. Ahhhhh TAXES, don’t say that word!!!

    You have reminded me though I need to get my UK taxes in by December… Hoping to do them this month.

  2. My husband and I do because he is a self proprietor. I pay a good deal out of my paycheck so the amount we pay quarterly is less. I am late getting this quarter’s payment in… barely got it in the mail today. I hope they consider the postmark when deciding if payment is late.