The second-quarter estimated tax deadline for 2024 is June 17, and you could owe a penalty if you don't send a payment, according to the IRS.
You typically owe estimated tax payments for income without withholdings, such as from contract jobs, freelancing or gig economy work, or if you run a small business.
But quarterly estimated tax payments are not just for the self-employed or small business owners, experts say.
You must make quarterly estimated tax payments if you expect to have at least $1,000 in tax liability or more on your 2024 return.
For the 2024 tax year, the estimated tax deadlines are April 15, June 17, Sept. 16 and Jan. 15, 2025.
Persons:
Kelly Renner
Organizations:
Finance, Biden, Partners
Locations:
Augusta , Georgia