There are several ways to make your quarterly tax payments. Here are some of the most common methods:
- By mail: You can mail your payment with Form 1040-ES. You can find this form on the IRS website.
- Online: You can make your payment online through the IRS’s Electronic Federal Tax Payment System (EFTPS). You can create an account on the EFTPS website.
- By phone: You can make your payment by phone by calling 1-800-829-1040.
- Through your bank or credit union: You can make your payment through your bank or credit union. Most banks and credit unions offer a way to make tax payments.
When you make your payment, be sure to include your Social Security number and the tax year for which you are making the payment. You should also keep a record of your payments in case you need to verify them later.
Here are the deadlines for making quarterly tax payments:
- April 15: This is the deadline for making your first quarterly payment for the year.
- June 15: This is the deadline for making your second quarterly payment for the year.
- September 15: This is the deadline for making your third quarterly payment for the year.
- January 15: This is the deadline for making your fourth and final quarterly payment for the year.
Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you. Form 1040-ES, Estimated Tax for Individuals (PDF), is used to figure these taxes. Form 1040-ES contains a worksheet that is similar to Form 1040. You will need your prior year’s annual tax return in order to fill out Form 1040-ES.
Use the worksheet found in Form 1040-ES, Estimated Tax for Individuals to find out if you are required to file quarterly estimated tax.
Form 1040-ES also contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS). If this is your first year being self-employed, you will need to estimate the amount of income you expect to earn for the year. If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter. If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated taxes for the next quarter.
If you miss a deadline, you may be subject to a penalty. The amount of the penalty will depend on how late your payment is.
If you are self-employed or have other income that is not subject to withholding, you may need to make quarterly tax payments. You can find more information about estimated taxes on the IRS website.