2023 Estimated Tax Due Dates
What Are Estimated Taxes?
Estimated taxes are taxes paid on income not subject to withholding. This includes income from self employment, investments, rental properties, or any other income not subject to withholding. These taxes must be paid in quarterly installments throughout the year. The due dates for estimated taxes vary depending on the calendar year. In 2023, estimated taxes are due on the following dates.
2023 Estimated Tax Due Dates
The due dates for estimated taxes are as follows:
- April 15 – First installment of 2023 estimated taxes due.
- June 15 – Second installment of 2023 estimated taxes due.
- September 15 – Third installment of 2023 estimated taxes due.
- January 15, 2024 – Fourth installment of 2023 estimated taxes due.
How to Calculate Estimated Taxes
Calculating your estimated taxes is easy. Start by gathering income information from the previous year. This includes income from self-employment, investments, rental properties, or any other income not subject to withholding. Total up all the income and subtract any deductions and credits you are eligible for. Then, multiply this amount by the estimated tax rate for your filing status. The estimated tax rate is determined by the IRS, and it is updated each year. Review the current rates and make sure you are using the correct rate.
Once you have calculated your estimated taxes, you need to make sure you pay the correct amount by the due date. If you don't, you may be subject to penalties and interest charges. To avoid this, you can use the IRS's “safe harbor” method. This method allows you to avoid penalties and interest charges if you pay the lesser of either 90% of the current year's tax liability or 100% of the prior year's tax liability. Be sure to check the IRS website for more information about the safe harbor method.
How to Pay Estimated Taxes
Paying estimated taxes is easy. You can use the IRS website to pay your estimated taxes online. You can also pay by check or money order. Be sure to include the correct form and payment voucher with your payment. You can find the correct form and payment voucher on the IRS website. You can also pay by phone or in person at your local IRS office.
What If I Need More Time to Pay?
If you need more time to pay your estimated taxes, you can request an extension. To do so, you must file Form 4868 by the due date of the payment. This form gives you an additional four months to pay. Keep in mind, the extension only applies to the payment. It does not extend the due date for filing your return.
What If I Owe More Than I Can Pay?
If you owe more taxes than you can pay, you can apply for a payment plan. You can apply for a payment plan online or by calling the IRS. Keep in mind, there are penalties and interest for late payments. So, if you can’t pay your taxes in full, it is best to apply for a payment plan as soon as possible.
Conclusion
Estimated taxes are taxes paid on income not subject to withholding. The due dates for estimated taxes vary depending on the calendar year. In 2023, estimated taxes are due on April 15, June 15, September 15, and January 15, 2024. Calculating your estimated taxes is easy. Once you have calculated your estimated taxes, you need to make sure you pay the correct amount by the due date. You can use the IRS website to pay your estimated taxes online. If you need more time to pay your estimated taxes, you can request an extension. If you owe more taxes than you can pay, you can apply for a payment plan.