When are Q2 estimated taxes due?
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The quarterly federal estimated taxes are mandatory for all taxpayers that earn income that isn’t subject to federal income tax withholding. For example, those who are self-employed don’t have anyone to withhold taxes from the income they earn, thus, they must make estimated tax payments for every quarter.
Now that the end of the second quarter is coming up, the deadline to make the quarter’s estimated tax is on the way.
The second quarter starts on April 1st and ends on the last day of June. You must pay your federal estimates taxes for the second quarter by July 15. So, you have 15 days for estimating and paying the second quarter’s taxes to the Internal Revenue Service.
Second Quarter Dates for 2024 - 2025 Tax Season
The second quarter starts on April 1, 2024, and ends on June 30, 2024. You must estimate and pay this quarter’s taxes to the IRS. There are multiple payment channels you can utilize to pay taxes. Learn more about how to pay taxes online.
How to pay estimated taxes?
Regardless of which quarter’s estimated taxes you’re paying, you pay the same way. You’ll estimate federal income taxes using Form 1040-ES and pay the IRS.
Take note that if you underpay taxes, you may be hit with underpayment penalties. Even if you overpay the next quarter’s taxes, you will have to pay the underpayment penalty. Make sure that you’re not only up to your tax payments but you satisfied your tax debt for the quarter fully. The overpayment penalty is between 3 and 5 percent, depending on your tax classification. It’s always okay to overpay taxes a little bit as you’ll get the amount overpaid in your tax refund.
Why do I need to pay estimated taxes?
The Internal Revenue Service wants taxpayers to pay federal income taxes gradually during the tax year rather than paying it all at once. Most people pay taxes through their paychecks when their employer process payroll. This is known as the federal income tax withholding. What if you don’t have someone to process your paychecks? In that case, you’ll need to estimate what you owe for the quarter in federal income taxes and pay Uncle Sam.
