Estimated tax is the method used to pay taxes on income that is not subject to withholding. This includes income from self-employment, interest, and dividends.
Individuals who conduct their own business typically have to make estimated tax payments. You may be charged a penalty if you do not pay enough through withholding or estimated tax payments.
The year is divided into four periods to pay estimated tax. Each period has a specific payment deadline.
These are the Estimated Federal Tax due dates:
Jan. 15 of the next year
Tax Professional Option – The amount you owe will depend on several things like tax deductions, tax credits, marriage status, number of dependents and several other variables. If you want a precise calculation, contact us