Estimated tax due dates: When are quarterly tax payments due for small business owners?

estimated tax due dates

Quick tip: If you’re a small business owner, mark your calendar after you find out your estimated tax due dates!

Did you know federal income tax is a pay-as-you-go system in some cases? In fact, if you are a small business owner, you may need to file quarterly estimated tax payments to avoid a penalty from the Internal Revenue Service (IRS). Read on to learn about specific due dates to pay estimated taxes this tax year.

When are the estimated tax due dates?

Even if you’ve made estimated quarterly tax payments in the past, you may still be wondering when the estimated payments are due.

If you meet the requirements for paying estimated taxes every quarter, payments for the tax year are due every quarter on these dates. As you can see, the dates will roll into the next calendar year.

PAYMENT PERIODESTIMATED TAX DUE DATE
September 1 to December 31, 2023January 16, 2024
January 1 to March 31, 2024April 15, 2024
April 1 to May 31, 2024June 17, 2024
June 1 to August 31, 2024September 16, 2024

NOTE: The estimated tax due dates are generally the 15th day of the month (April, June, September, and January), but if the date falls on a weekend or holiday, the deadline is moved to the next workday.

The estimated tax payment dates above are when your IRS Form 1040-ES should be postmarked. The postmark date lets the IRS know if the estimated tax payment is paid on time.

Save up to 30% on your small business tax prep

Our experts are available to help in-office and remotely

“Can I pay estimated taxes all at once?”

Many wonder, “Can I make estimated tax payments on the same date?” or pay a quarter up front?

Because people might think it’s a nuisance to file taxes quarterly, this is a common question. The answer is NO. Because the United States tax system is pay-as-you-go, you need to pay and file on a quarterly basis by the estimated tax due date, or you’ll be charged a penalty.

Who pays estimated tax?

Individuals, sole proprietors, partners, and S corporation shareholders who expect to owe tax of $1,000 or more when filing their tax return, generally have to make estimated tax payments.

Corporations who expect to owe $500 (or more) in tax when their corporate return is filed generally have to make estimated tax payments.

If you have business income from self-employment, you are required to file an annual return and pay estimated tax by the estimated tax payment date – that is, quarterly. Not sure if this applies to you?  Find more information about who should pay quarterly tax payments and tax deadlines, including corporate tax deadlines.

Working for yourself? Find out what you need to know about taxes for self-employed individuals.



How do you pay quarterly taxes?

You have a few options for paying your quarterly taxes. They are as follows:

  1. Apply your refund from this year to your estimated taxes for the next year (when you submit your annual tax return).
  2. Use IRS Form 1040-ES to figure your estimated tax. Then mail a check or money order with IRS Form 1040-ES each quarter.
  3. Visit IRS.gov to use the Electronic Federal Tax Payment System. Here you can make payments weekly, quarterly, or monthly, and you can set up payments up to a year in advance.
  4. Enlist the help of a Block Advisors small business certified tax professional. You can add this service to your tax prep, and a tax pro will review your unique situation and suggest changes to your quarterly amount.

Need motivation to get things sorted by the estimated tax due dates? Check out 5 reasons to knock out your taxes this week!

What happens if you don’t pay by the estimated tax due dates?

If you don’t pay any of your estimated taxes, you may incur a penalty for the underpayment. The penalty is a complicated formula; it’s imposed on the amount of underpayment for the number of days it’s unpaid, starting with the first quarter payment.

Need more help with quarterly estimated taxes?

Do you have additional questions about when to pay estimated tax or when small business taxes are due? Rely on our team at Block Advisors to get your small business taxes right and keep your business on track.

Our small business tax preparation process works to ensure you’re paying the proper amount of quarterly taxes by the right estimated tax due dates.

“Donna made sure we understood everything, every step of the way. She always makes sure we understand the best course of action, as well as all changes each year. She helped us evaluate our options for paying estimated tax payments throughout the year.”

– AMANDA BYRNE, STOKES COUNSELING SERVICES, LLC INDEPENDENT CONTRACTOR
Block Advisors by H&R Block logo

 

Find tax help in your area.