If you are self-employed or don’t have withholdings from other sources of taxable income, such as interest or dividends, you most likely have been making estimated tax payments. These estimated taxes are usually paid in four equal installments for each quarter of the year.

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The first payment for 2020 would have typically been due April 15th, followed by the due date of June 15, 2020. Due to the complications of the pandemic pushing back due dates, this year’s first and second quarter taxes were not due until July 15, 2020. The third quarter estimate payment was due September 15, 2020, which leaves the fourth and final payment due January 15, 2021.  

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You may be able to bypass the payment due January 15, 2021 if you file your 2020 tax return by February 1, 2021 and pay the entire balance that is due with your return by that date.

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To calculate and pay your estimated taxes, use Form 1040-ES. You may pay by check, cash, money order, or credit/debit card. You may also use the Electronic Federal Tax Payment System (EFTPS) to make your payment online.

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If you are in need of assistance to determine whether you need to make this payment or to calculate how much your payment should be, contact our team today.