As we begin the 3rd quarter of 2015 – it’s a great time to do some analysis of your financial growth for 2015, whether on a personal level or business level. If you own a business with pass through income it’s critical that you get your accounting up to date and start evaluating 2015 progress against your 2014 performance and your personal expectations. Now is the time to determine if you should be making estimated tax payments or take advantage of other tax saving strategies to minimize unpleasant surprises next year when you are filing your tax return.
When to Pay Estimated Tax
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return.
For Calendar Year Tax Payers the following schedule applies:
For the period: Due Date:
January 1 - March 31 April 15
April 1 - May 31 June 15
June 1 - August 31 September 15
September 1 - December 31 January 15, next year.
For Fiscal Year Taxpayers.
Your tax year does not start on January 1, your payment due dates are:
- The 15th day of the 4th month of your fiscal year.
- The 15th day of the 6th month of your fiscal year.
- The 15th day of the 9th month of your fiscal year.
- The 15th day of the 1st month after the end of
your fiscal year.