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
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 (42 Comments)

  1. Floyd Estes says:

    I expect lump sum long term capital gain in September from the sale of real estate. What is the due date for estimated tax payment, and is it correct that the maximum tax rate would be 15% on the net gain?

  2. Denise says:

    If I did not make all my estimated payments for 2013 by the Jan.15th deadline is it better to pay it now (Jan 30th) or wait and pay whenI file 2013 taxes by April 15th? Will the penalty be the same amount?

  3. John says:

    I made up monthly excel workbooks linked to another workbook. I do 15-30 jobs per month, my monthly excel workbook calculates my Fed Est, State Est and State sales tax, and gives me the total I need to put into my “TAX ACCOUNT”. I have done this for the last few months and it worked like a charm for 2013 Q4. Since you electronically transfer your tax liability money into another account at the end of every month it keeps you out of the quarterly “ut oh need some money”, as a matter of fact my monthly tax liability gets updated with every expense or credit I enter into the monthly workbook. Another great thing about using this method is that on the last day of the month there is NO PAPERWORK to fiddle with since you do you paperword as the entries are made on the day they occurr

  4. Jorge says:

    Hi Pinyo. I just wanted to tell you that this page and the schedule at the top has been invaluable in making sure I make my tax payments each quarter before the due dates, thank you!

  5. John says:

    The insurance and banking agency needs to come up with a new type of bank account for a small business. The account has 2 parts to it, income and tax. For every 100.00 you deposit in the income account you can stipulate what percentage (25 FED, 5 STATE and 7 SALES= 37%)gets automatically moved over to the tax account. That way you can never NOT have the tax payment money available and schedule electronic payments from the TAX account. Many small businesses get in trouble because the bank account looks good until you pay the taxes, with money going in and out you never know what part you can spend without eating into the money you need for tax payments………..the start of death for a small business!

  6. John says:

    The state sales tax is due on a quarterly schedule, the REAL QUARTERLY schedule. The Federal quarterly schedule makes no sense,3,2,3,4 moths. Make them all due on a 3mo schedule. Too much extra staggered calculating for nothing.

  7. Becky says:

    I am due to file taxes on the 15th this month. Is there a late fee if I wait to pay them next quarter? This is the 2nd month for
    My business and I wasnt aware I had to file quarterly so now I am completely unprepared!!

    • Pinyo says:

      @Becky – Filing is a relatively easy process, it doesn’t take that long. However, since you started your business, I think it’s fine to wait until the next quarter. Also, there is no need to file if you’re not profitable yet.

  8. Traci says:

    I was in hopes of not having to pay quarterly taxes this year, but that’s not the case. I have missed two of the payments. Can I mail them now and get back on schedule? Or should I wait and pay a lump sum in April?

  9. Joan Rice says:

    Can I have my quarterly tax payment paid automatically?

    • Pinyo says:

      @Joan – Not that I know of. The only way you can have it semi-automated is to have a tax accountant takes care of it for you, but it’s not free and they’re still going to ask you for information each quarter.

  10. CWalker says:

    Due quarterly payment have to be postmarked prior to due date or can they be postmarked on the due date

  11. Bea says:

    I started working as a 1099 contractor in April 16, 2012. I did not get my first check until June 22, 2012. I did not make quarterly payments last year, just filed the annual return and paid full year tax at that time.

    I have not made payments for this year yet, because I have only been paid hours worked in January. At this point I do not know when I will be paid or how much. Are taxes to be paid only on money actually received or for hours worked and billed?

    Any insights would be appreciated.

    • Pinyo says:

      @Bea – You paid when you “book” the income. If you use cash accounting, that’s when you get the money. If you use accrual accounting when you issue the invoice. If you haven’t booked enough income, there is nothing wrong with waiting until the next quarter.

  12. April says:

    My husband did all the paperwork for a LLC in 2012. He got all of his business licenses but hasn’t really started yet. His 2012 income is $0 – does he still need to file taxes for the business?

  13. Charles P Torgerson says:

    Do the estimated taxes paid Jan 15, 2013 count towards my taxes paid for 2012?

    • Pinyo says:

      @Charles – Yes, Jan 15, 2013 payment counts toward 2012. In fact, it’s a good opportunity to make sure you catch up if you happen to underpaid in prior quarters.

  14. Le'Rae says:

    I made a payment to the IRS and calculated all my taxes within on sum. I was new to this and failed to realize that state and federal are separate. I made a check out to the IRS and did not pay the state. What should I do? How do I fix this?

  15. Ashley says:

    Hi, I’m confused about the Q2 Payment. When I filed my taxes for 2011, I had my Q1 and Q2 payment forms prepared. I questioned the forms because the payment amounts were the same. The person who prepared them told me that I had to pay the same for each quarter, regardless of the shorter period. Is this correct? I reserve quite a bit for taxes, but I would essentially being paying 3/4’s of a month’s salary just to pay that amount on time.

  16. Shawna says:

    Hello! Does the IRS send a year end statement summarizing my payments? Thanks!

  17. Joseph says:

    If I pay more than I am supposed to for quarterly taxes to the IRS and the state during the year, will I receive a refund back from the IRS and State just like a full time employ would?

  18. Josh says:

    I only made $174.25 last month and this month about to make about $300 so far,do I have to pay estimated taxes this month september? Also i’m really having trouble figuring out how to calculate this stuff, I don’t have any previous years to go off(was unemployeed various years). I’m guessing total taxes shouldn’t exceed 30% right?

    • Pinyo says:

      @Josh – If you have a regular job, you can also withhold more taxes for the paychecks until the end of the year and not having to worry about the sel-employment income. They are low enough that this trick should work.

      • Josh says:

        Thanks for the answer, unfortunately the only income i’m making is from self employment, so at at $474 in two months I have to pay est taxes this month no? Also is 30% the top for fed+state taxes or is this a misconception on my part?

      • Pinyo says:

        @Josh — that’s not very much and I don’t think you’ll owe that much taxes on that. You can use this estimate tool to see how much you owe for the year: http://www.hrblock.com/free-ta.....index.html. If it’s more than $500 owed, then I would send in a payment.

        As for the tax bracket, the highest is 35% for Federal ( see: http://www.moolanomy.com/2581/.....-brackets/ ) and the local taxes will depend on your state and locality (so I don’t have an answer for you).

  19. Laura says:

    Which form do you use on the Federal EFTPS site for filing quarterly taxes?

    Also, I do business in SC but none of my clients live here (online business) so how do I figure out the sales tax that I owe to my state? (I just moved to this state 2 months ago).

    • Pinyo says:

      @Laura – I believe there is no form to file if you do it through EFTPS. All you have to do is pick the right tax form and follow the steps online.

      Unfortunately, I have no expertise with sales tax in SC, so you’d have to consult a local tax advisor for that.

  20. Jennifer says:

    Hi there,

    Great site, very informative.

    In a nutshell – first time being self-employed, didn’t work Q1, realized I’m way late to file Q2, absolutely no idea how much more I will earn this year, if I pay what I owe YTD now (it’s more than my total taxes for last year) will I be OK? What kind of penalty am I looking at otherwise?

    Thanks!

    • Pinyo says:

      @Jennifer – Thank you. Based on this article – http://www.moolanomy.com/4741/.....es-ttolar/ – you’ll be charged a prorated amount based on the number of days late; so it’s better to tray and pay what you owe for Q1 and Q2 now to minimize the penalty. You’ll also need Form 2210 in addition to the 1040ES.

      Also, don’t forget to pay your local taxes.

  21. Kathy says:

    If you miss postmarked date by two days and mailed it June 17, what will happen?

    • Pinyo says:

      @Kathy, you should send in payment as soon as possible. The penalty is just the interest on the amount that you underpaid. The IRS will send you a bill if they feel it is warranted. Depending on your situation, e.g., if you’re still under the safe harbor, you may not owe anything at all.

      • Kathy says:

        Thank you, Pinyo. The payments were mailed on Friday and should have been received by today. Fingers crossed. Thank you again.

  22. Beverly Howell says:

    Do quarterly tax payments have to be received by June 15 or just post marked by then ??

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