Estimated Tax Payments
A taxpayer who receives income from 1099-Nonemployee Compensation (1099-NEC) must make four estimated tax payments. These payments are due during the following periods:
January 1st – March 31st
April 1st – May 31st
June 1st – August 31st
September 1st – December 31st
Payment vouchers, or IRS Form 1099-V, are attached to tax returns as an estimated tax payment based on the previous year’s taxpayers earnings. Self-employed taxpayers need to pay quarterly tax payments to avoid IRS penalties. For example, a taxpayer files their 2022 tax return with an adjusted gross Income of $50,000 and owes $8,000 in total IRS taxes. Four quarterly estimated tax vouchers are provided in the 2022 tax return for the current tax year (2023). Each quarterly estimated tax voucher will be $2,000, equaling the total balance of $8,000. Again, you must make these payments on the above dates to avoid penalties.
Estimated tax payments are also payable online using the estimated
federal tax payment system at eftps.gov.
