2023 Quarterly Tax Payment Deadlines for Individuals and Businesses

Understanding Quarterly Tax Payments

Quarterly tax payments are estimated tax payments made throughout the year on income that is not subject to withholding. Both individuals and businesses may be required to make these payments if they expect to owe $1,000 or more in taxes when their return is filed.

Who Needs to Pay?

• Self-employed individuals, freelancers, and independent contractors
• Business owners, including sole proprietors, partners, and S corporation shareholders
• Corporations expecting to owe $500 or more in taxes
• Individuals with income from investments, dividends, interest, and capital gains
• Landlords earning income from rental properties

2023 Quarterly Tax Payment Deadlines

1. First Quarter: April 18, 2023 (covering January 1 - March 31)
2. Second Quarter: June 15, 2023 (covering April 1 - May 31)
3. Third Quarter: September 15, 2023 (covering June 1 - August 31)
4. Fourth Quarter: January 16, 2024 (covering September 1 - December 31)

"The penalty for not paying enough estimated tax or paying late is normally 0.5% of the tax owed for each month the tax remains unpaid." - IRS

Important Notes

• If the due date falls on a weekend or a federal holiday, the deadline is extended to the next business day
• Taxpayers in federally declared disaster areas may have extended deadlines

Calculating Your Estimated Tax Payments

1. Estimate Your Income: Consider all sources of income, including wages, self-employment income, and investment earnings
2. Determine Deductions and Credits: Identify eligible deductions and credits
3. Use IRS Form 1040-ES: This form provides worksheets to help calculate estimated tax payments

For businesses, Form 1120-W is used.

Payment Methods

The IRS offers several convenient methods for making quarterly tax payments:

• Electronic Federal Tax Payment System (EFTPS): Free service for online or phone payments
• IRS Direct Pay: Pay directly from your bank account
• Credit or Debit Card: Processing fees may apply
• Check or Money Order: Mail with Form 1040-ES payment voucher

Record Keeping

Maintain accurate records of:

- Payment amounts
- Payment dates
- Confirmation numbers
- Payment methods used

Tips for Managing Quarterly Tax Payments

1. Set calendar reminders for each deadline
2. Budget for taxes by setting aside monthly income
3. Consider working with a tax professional
4. Use accounting software to track income and expenses
5. Review and adjust estimates quarterly based on actual income

Additional Resources

• IRS's official guide on estimated taxes
• IRS Self-Employed Individuals Tax Center
• Small Business Administration Tax Guide
• IRS disaster relief page

Remember to consult with a qualified tax professional for advice specific to your situation, as tax laws and requirements can change.