If your taxes for the year will be $1000 or more, then you are required to pay quarterly estimated payments for your taxes. Failure to pay quarterly estimated payments on time will result in stiff penalties and interest. Taxpayers often find it difficult to come up with quarterly payments, especially self-employed individuals, who watch their cash flow go up and down. Some taxpayers find it easier to make monthly payments. The IRS offers this option through the following website: www.EFTPS.gov.
So when are these quarterly tax payments due? The IRS divides the year into four payment periods. Did you know that the 1st quarterly estimated tax payment for 2013 was due April 15th? Internal Tax Resolution wants you to start 2013 off on the right foot, mark it on your calendars so you are not late for future payments! The 2nd quarterly payment will be due on June 15th. That’s coming up!! The 3rd quarterly payment will be due September 15th 2013. Finally, the 4th quarterly payment is due on January 15th of 2014. Please remember if you mail in the estimated payments and the date of the postmark is on or before the due date, the payment will generally be considered on time.
In order to avoid penalties and interest and ensure the IRS received your payment we recommend using this helpful website: www.EFTPS.gov. It is offered at no cost and your information is secure. You also have the ability to set up future payments.