If you’ll earn income outside of your W-2 paycheck this year, you may need to send the IRS some money before the usual tax-filing time. Here are the due dates for paying quarterly estimated taxes in 2013; they are supposed to be in four equal installments. This is for federal taxes only, state and local tax due dates may be different.
|Tax Year / Quarter||Due Date|
|2013 First Quarter||April 15, 2013 (Monday)|
|2013 Second Quarter||June 17, 2013 (Monday)|
|2013 Third Quarter||September 16, 2013 (Monday)|
|2013 Fourth Quarter||January 15, 2014* (Wednesday)|
* You do not have to make the Q4 payment due January 15, 2014, if you file your 2013 tax return by January 31, 2014.
This is all taken from IRS Form 1040-ES [pdf]. In general, you must pay estimated tax for 2013 if both of the following apply:
- You expect to owe at least $1,000 in tax for 2013, after subtracting your withholding and credits.
- You expect your withholding and credits to be less than the smaller of
- 90% of the tax to be shown on your 2013 tax return, or
- 100% of the tax shown on your 2012 tax return. Your 2012 tax return must cover all 12 months.
If you forget to pay (like I did last quarter), then you should make a payment as soon as possible even though it is late. This will minimize any penalty assessed.
How do I pay?
- By check. Fill out the appropriate 1040-ES voucher (last page) and send to the indicated address. If it is postmarked by the due date, the date of the U.S. postmark is considered the date of payment.
- By online bank transfer. You can link your bank account and pay via electronic funds transfer at EFTPS.gov or call 1-800-555-4477. No convenience fees. It takes a little while to set up an online account, so plan ahead.
- By debit or credit card. Here is page of IRS-approved payment processors. Pay by phone or online. Fees will apply.
I usually pay online at EFTPS.gov for both convenience and to avoid fees. In rare cases with the right credit card promotion, it can be worth it to pay the credit card processing fee. For example, last year I paid taxes with my Chase Ink Bold card. I paid $189 in fees, but earned $500 of bonus points.