Federal Tax, Tax

June 15 Due Date for Second-Quarter Estimated Taxes

If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners, and S corporation shareholders, must make estimated tax payments if they expect to owe $1,000 or more in tax when their tax return is filed. In addition, individuals who don’t have enough tax withheld from their wages may need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. If taxpayers don’t pay enough tax through withholding and estimated tax payments, they may be charged a penalty. Contact the Cg Team with questions. © 2022