Estimated Tax Payments Are Due June 15 – Rocky Mengle

Under our country’s “pay as you go” tax system, Uncle Sam wants to collect his cut periodically throughout the year as you earn income. In most cases, the required taxes are paid through paycheck withholding (your employer sends in the payments). But if you’re self-employed or don’t have taxes withheld from other sources of taxable income (e.g., interest, dividends or capital gains), then quarterly estimated tax payments to the IRS are typically required.

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Estimated taxes are paid in four equal installments — generally, one installment for each quarter of the year. The first payment for the 2022 tax year was due on April 18, 2022. The second 2022 estimated tax payment, which is for income earned from April 1 to May 31, is due on June 15, 2022.

Use Form 1040-ES to calculate and pay your estimated taxes. The various payment methods are described in the instructions for the form. If you owe at least $1,000 in tax for the year, you could be hit with a penalty if you don’t pay enough estimated tax throughout the year.

Also, unless you live in a state with no income tax, you might owe state estimated taxes, too. Check with the state tax agency where you live for state estimate tax payment due dates.

For more information on 2022 estimated tax payments, see When Are 2022 Estimated Tax Payments Due?

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