Quarterly Estimated Tax Payments Due Dates for 2013-2014

For all the freelancers, small business owners and self-employed individuals out there, staying on top of when the estimated tax payments are due is important to help you stay within the IRS tax payment guideline and avoid penalty. Making estimated tax payments also helps you avoid financial shortfall when you file your tax returns.

Here’s the full schedule for 2013 and 2014 tax year.

Quarter Period 2013 Due Dates 2014 Due Dates
Q1 January 1 – March 31 April 15, 2013 April 15, 2014
Q2 April 1 – May 31 June 17, 2013 June 15, 2014
Q3 June 1 – August 31 September 16, 2013 September 16, 2104
Q4 September 1 – December 31 January 15, 2014 January 15, 2015

Remember you have to pay both the IRS and your State (unless you’re living in one of the states that does not collect income tax). Hopefully, you have been saving up for this and have money in your savings to cover the tax payments.

How to File Your Estimated Tax

For Federal payment:

  1. Calculate how much you made during the quarter
  2. Calculate how much you owe. A quick way to do this is to calculate your full year effective tax rate, and multiply that percentage by the amount from line #1.
  3. Subtract what you owe (line #2) by what you already paid during the quarter. The result is the amount of money you have to send to the IRS.
  4. Print out the IRS 1040-ES Form, fill out everything, and mail it along with a check to the IRS.

For your state, follow the steps above using the tax rate and form for your state.

Frequently Asked Questions

Shouldn’t the June date actually be July?

June the correct date. Q2 payment is due faster than the rest and you only have to pay taxes against 2 months’ worth of earnings (April and May). Subsequently, this means Q3 payment occurs in September and Q4 payment encompasses 4 months of income instead of three.

How can I lower my tax payments?

You can lower your tax liabilities by participating in a retirement plan designed for self-employed individuals and business owners.

Will the IRS tells me how much money I have to send?

No, you have to calculate the amount for both the Federal and States taxes. For Federal, you have to complete Form 1040-ES and send it along with your payment. For State, you have to search online for the appropriate form, complete it and send it in with your payment.

Alternatively, you can submit your Federal payment electronically via EFTPS; and most States should have the online equivalent.

Where should I send the estimated tax payments?

For Federal payment, the answer depends on where you live. Check the instruction included in Form 1040-ES for the correct mailing address. Similarly, check with your State tax department for the correct mailing address for your State payment.

Do quarterly tax payments have to be received by the due date or just post marked by then?

The deadline is the postmarked date.

Can the quarterly payment amount change each quarter?

Yes, the amounts can be different for each quarter depending on your earnings.

More about Quarterly Estimated Tax Payments

Quick links to IRS 2013 Form 1040-ES and P505: Tax Withholding and Estimated Tax.

About the Author

By , on Jan 2, 2014
Pinyo is the owner of Moolanomy Personal Finance. He is a licensed Realtor specializing in residential homes in the Northern Virginia area. Over the past 20 years, Pinyo has enjoyed a diverse career as an investor, entrepreneur, business executive, educator, and financial literacy author.

2013 Tax Center

important dates
2013 Important Tax and Filing Dates

Leave Your Comment (46 Comments)

  1. Chinh Le says:

    Hi there,

    For the year of 2014 I paid $4000 estimate tax to IRS. The question is where do I enter this amount on schedule E. Thanks.

    Chinh Le.

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