Quarterly Tax Deadlines and Covered Periods
Quarter Periods
Quarterly tax deadlines are specific dates set by the IRS for when estimated tax payments are due. Here are the deadlines and the periods each quarter covers:
- Q1: April 15 for income from January 1 – March 31
- Q2: June 15 for income from April 1 – May 31
- Q3: September 15 for income from June 1 – August 31
- Q4: January 15 (following year) for income from September 1 – December 31
|
Quarter |
Period Covered |
Deadline |
|
Q1 |
January 1 – March 31 |
April 15 |
|
Q2 |
April 1 – May 31 |
June 15 |
|
Q3 |
June 1 – August 31 |
September 15 |
| Q4 | September 1 – December 31 |
January 15 (following year) |
Quarterly Taxes
Individuals and businesses who do not have taxes withheld from their income need to pay estimated taxes quarterly. This includes:
- Self-employed individuals
- Freelancers
- Independent contractors
- Business owners
If you expect to owe $1,000 or more in taxes when you file your return, you’re generally required to make quarterly estimated tax payments. Dimov CPA in New York specializes in helping you understand and fulfill these requirements.
Our Offerings
Dimov CPA in New York offers comprehensive services to help you with:
Quarterly Tax Payments
- Calculating Accurate Payments: We’ll determine what you owe for each quarter.
- Deadline Reminders: We’ll remind you of the quarterly taxes deadlines and the period each quarter covers.
- Filing Assistance: We’ll help you file necessary forms to stay compliant with quarterly taxes deadlines and the period each quarter covers.
Tax Compliance and Planning
- Stay Updated: We’ll keep you informed about tax law changes, including updates on quarterly taxes deadlines and the period each quarter covers.
- Personalized Strategies: We’ll provide tax strategies tailored to your unique situation.
- Minimize Liabilities: We’ll help you legally minimize your tax liabilities.
Frequently Asked Questions (FAQs)
1. Who needs to pay quarterly estimated taxes?
You need to pay quarterly estimated taxes if you:
- Expect to owe at least $1,000 in taxes when your return is filed.
- Have income not subject to withholding, such as self-employment earnings, interest, dividends, or rental income.
2. How do I calculate my quarterly estimated tax payments?
To calculate your payments:
- Estimate your total income for the year.
- Compute your expected tax liability using current tax rates.
- Subtract any tax credits and withholding.
- Divide the remaining amount by four for equal quarterly payments.
3. What happens if I miss a quarterly tax deadline?
Missing a deadline may result in:
- Penalties and interest charges from the IRS.
- Increased financial burden due to accumulated amounts.
4. Can I adjust my quarterly payments if my income changes?
Yes, you can adjust your payments by:
- Recalculating your estimated tax based on new income figures.
- Using the Annualized Income Installment Method if income varies significantly.
5. What payment methods are available for quarterly taxes?
You can pay using:
- Electronic Federal Tax Payment System (EFTPS)
- IRS Direct Pay
- Credit or Debit Card
- Mailing a Check or Money Order with Form 1040-ES
6. What are the penalties for underpaying estimated taxes?
Penalties may apply if you:
- Underpay your estimated taxes throughout the year.
- Miss payment deadlines.
To avoid penalties:
- Pay at least 90% of your current year’s tax liability, or
- 100% of your previous year’s tax liability (110% if your adjusted gross income was over $150,000 or $75,000 if married filing separately).
Contact Us
Don’t let tax deadlines overwhelm you. Dimov CPA in New York offers comprehensive services to help you calculate accurate payments, meet deadlines, and stay compliant. Contact us today for personalized assistance!
