Are you required to make estimated tax payments? Individuals, including sole proprietors, partners and S Corp shareholders, typically have to make estimated tax payments if they expect to owe tax. If you receive salaries and wages, you can avoid needing to pay estimated taxes by asking your employer to withhold more tax from your earnings.
If you’re required to pay estimated taxpayers, here are the deadlines to be aware of. The first quarter of 2023 estimated tax payment is due on April 18th, 2023, which is also Tax Day. Second quarter estimated tax payment for 2023 is due June 15th and the third quarter payments are due on September 15th. Then, the cycle starts over with the fourth quarter tax payments for 2023 being due in January 2024.
If you’re unsure if these deadlines apply to you or you have any further questions, contact an Alloy Silverstein advisor today!
Associate Partner
In Kelly's 30+ years of accounting and tax experience, she has worked with many closely-held businesses and business owners in the real estate, retail, professional service, not-for-profit, and agricultural industries.
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