In order to produce the podcast and keep content up free for you, I work with partners so this post may contain affiliate links. Please read my full disclosure for more info.

Just a reminder for Couple Money readers who are entrepreneurs that next Tuesday estimated tax payments are due. If you haven't already get your numbers in order so you can make the correct payment for the last quarter's business.

When are Estimated Taxes Due?

They seem to sneak up at times, especially when you're doing well and are keeping busy, but estimated taxes are due on an almost quarterly basis. The good news is that you can plan ahead for it when you have the dates written on your calender (whether electronic or paper). In general the dates are:

  • January 15th for the 4th quarter of the previous year
  • April 15th for the 1st quarter of the current year
  • June 15th for the 2nd quarter of the current year
  • September 15th for the 3rd quarter of the current year

While the actual dates may vary if the 15 falls on a holiday or a weekend, you should have your tax payments ready in your account by then. That means  your estimated tax payments for the 2012 tax year are due April 17, 2012, June 15, 2012, September 17, 2012, and January 15, 2013.

Payment Methods for Estimated Taxes

There are several ways to take care of your estimated taxes.

I prefer to pay online as it’s quick and easy.If you want to find out how to enroll for EFTPS, check out my post on TurboTax’s blog to find out.

Make sure you calculate what you owe ahead of time. If you underpay your taxes, there are penalties and the IRS will send you the bill.  Don't forget you also have to pay your state's taxes as well.

Thoughts on Paying Estimated Taxes

How many of you have estimated taxes due? How was last year for your business, better, worse, or about the same as 2010? What are your plans this year for getting your taxes done?

Photo Credit: alancleaver_2000

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..

1 comment add your comment

  1. I really like the pay-ahead system, I know it sucks they take the cash early but it really does make it easier to keep on top of.

    In the UK, as a self-employed person I have to mandatory pay 1/2 of my estimated (they estimate) taxes for the next year but this actually works out pretty well.