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Tuesday, October 25, 2016

When are estimated taxes to the IRS due?

If you're self-employed, knowing when estimated taxes are due can help avoid any issues with the IRS.

Why is this important for self-employed people specifically? Generally if you are employed, you have taxes withheld from each paycheck. But this is generally not the case with contractors or others who own their own business. This means you may have to pay the IRS estimated taxes throughout the year, and there are deadlines for this.

The next estimated tax due in 2016 is January 15.

Generally the schedule is as follows:

First Quarter: April 15 (Jan 1 - Mar 31)
Second Quarter: June 15 (Apr 1 - May 31)
Third Quarter: September 15 (Jun 1 - Aug 31)
Fourth Quarter: January 15 (Sept 1 - Dec 31)

Your accountant can easily calculate what you owe. If you are using a tax software, generally they can do this as well. You can pay electronically or via check. You can get the address on where to mail a payment here.

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