As a reminder, the U.S. tax system operates on a pay-as-you-go basis. For estimated tax purposes, a year has four payment periods. Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment...
As a reminder, the U.S. tax system operates on a pay-as-you-go basis. For estimated tax purposes, a year has four payment periods. Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The following payments are due June 15 and Sept. 15, with the last quarter’s payment due on Jan. 15 of the following year. If these dates fall on a weekend or holiday, the deadline is the next business day.
AAFCPAs has provided for your convenience details of how to easily make these payments to the IRS and Massachusetts online:
If a taxpayer does not pay enough or pays late, a penalty may apply. Taxpayers may make payments more often than quarterly. They just need to pay each period’s total by the end of the quarter.
If you have any questions, please contact Tyler Champagne, CPA, MSA, Tax Manager at 774.512.9012, tchampagne@aafcpa.com or your AAFCPAs Tax Partner.
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