From the Desk of Lauran L. Stevenson
Quarter 2 Estimated Payment Due Date: June 15, 2017
Taxes owed to the IRS must be paid as you earn, either through W2 withholding or estimated tax payments. The quarterly estimated tax deadlines are in April, June, September and January and fall on the fifteen of those months. If the 15th happens to be a weekend or holiday, the deadline date of the 15th is moved to the next business day. According to the IRS, you will need to make estimated tax payments if the amount of income tax withheld is not sufficient, or your received other forms of income such as interest, alimony, self-employment income, or dividends. When figuring any estimated tax that is owed for the current year, adjustments may need to be taken into consideration, such as your Adjusted Gross Income, taxable income, deductions, and past quarterly payments and other personal or business financials. Failure to pay enough tax through withholding or estimated tax payments can be subjected to penalties and interest.