2024 First Quarter Estimated Tax Payment Deadline is April 15

The deadline for the first quarter estimated tax payments for tax year 2024 is April 15, according to the Internal Revenue Service. This date applies to individuals, businesses, retirees, investors, and persons who are self-employed.

For those who choose not to have their taxes withheld, the law mandates that they pay their taxes in installments as they come in throughout the year. The majority of people pay their taxes by having a portion of their income withheld from their wage, pension, Social Security, or other government-issued payments (such as unemployment compensation).

Estimated tax payments are typically due from taxpayers who work as independent contractors or in the gig economy. Also, these payments are often necessary for retirees, investors, and others who do not have a sizable amount of income that is withheld.

All sources of earned income, including side gigs, part-time jobs, and sales of products and services typically reported on Form 1099-K, should be included by taxpayers when estimating quarterly tax payments.

In most cases, you won’t have to pay taxes on things like interest, dividends, capital gains, alimony, or rental income. Taxpayers can stay on top of their tax obligations and avoid fines by paying their estimated taxes quarterly.

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Taxpayers who fall into specific categories may be exempt from fines and subject to other laws; these categories include seasonal workers (fishers and farmers), new retirees, those with disabilities, those with unpredictable income, and victims of natural catastrophes.

The deadline for taxpayers in Tennessee, Connecticut, West Virginia, Michigan, California, and Washington to pay their anticipated taxes for 2024 has been extended until June 17, 2024, due to recent disasters. There is a similar deadline for qualified taxpayers in Hawaii (August 7, 2024), as well as Alaska, Maine, and Rhode Island (July 15, 2024). Check see Tax relief in crisis scenarios for further details.

Taxpayers impacted by the terrorist attacks in the State of Israel, including those residing or doing business in Israel, Gaza, or the West Bank, have until October 7, 2024, to submit their projected tax payments.

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Paying estimated taxes

For detailed instructions on how to calculate their expected taxes, taxpayers can use Form 1040-ES, which stands for expected Tax for Individuals

Using an IRS Online Account simplifies payments, gives taxpayers access to their payment history, lets them know when payments are due, and provides other useful tax information. Many payment methods are available to taxpayers for the estimated tax payment, including as the Electronic Federal Tax Payment System (EFTPS) run by the Treasury Department, digital wallets, debit cards, credit cards, and IRS Direct Pay.

See IRS.gov/payments for details on electronic payments and alternative payment methods. If you prefer to pay with a check, please ensure that it is made payable to the “United States Treasury.”

Individuals navigating dividend or capital gain income, alternative minimum tax, self-employment tax, or other unusual scenarios can find thorough information in Publication 505, Tax Withholding and Estimated Tax.

Tax Withholding Estimator

If you want to make sure you’re withholding the right amount of tax from your paychecks, the IRS suggests using their Tax Withholding Estimator tool.

By keeping tabs on withheld taxes on a regular basis, you can lessen the chances of underpayment and, consequently, of receiving unpleasant tax bills or penalties when tax season rolls around. People can also change their withholding amounts in advance, which can increase their wages throughout the year and decrease their tax refunds.

Filing Options

To get a refund more quickly, the Internal Revenue Service recommends filing electronically and selecting direct deposit. Because tax software does the calculations, identifies typical mistakes, and asks taxpayers for missing information, filing electronically decreases the likelihood of taxpayers making mistakes on their tax returns.

With the IRS Free File, Volunteer Income Tax Assistance, and Tax Counseling for the Elderly programs, eligible taxpayers can get their taxes prepared for free, either online or in person.

The new Direct File pilot program, which lets qualified people submit their federal tax returns online to the IRS at no cost, is also accessible in 12 states at the moment.