Calculate quarterly estimated tax payments for self-employed individuals, freelancers, and anyone with income not subject to withholding. Avoid penalties with accurate quarterly estimates.
Quarterly Tax Payment Due Dates 2024
| Quarter | Income Period | Due Date |
|---|---|---|
| Q1 2024 | Jan 1 - Mar 31 | April 15, 2024 |
| Q2 2024 | Apr 1 - May 31 | June 17, 2024 |
| Q3 2024 | Jun 1 - Aug 31 | September 16, 2024 |
| Q4 2024 | Sep 1 - Dec 31 | January 15, 2025 |
Safe Harbor Rules
You can avoid penalties by paying:
- 90% of current year tax liability, or
- 100% of prior year tax (if AGI was $150,000 or less), or
- 110% of prior year tax (if AGI was over $150,000)
Who Must Pay Quarterly Taxes
- Self-employed individuals and freelancers
- Business owners with significant profits
- Investors with substantial capital gains
- Anyone expecting to owe $1,000 or more in taxes
- Retirees with insufficient withholding
Payment Methods
Make quarterly payments through:
- IRS Direct Pay: Free electronic payment from bank account
- EFTPS: Electronic Federal Tax Payment System
- Phone: 1-888-PAY-1040 (fees may apply)
- Mail: Check or money order with Form 1040ES
Frequently Asked Questions
Who needs to make quarterly estimated tax payments?
You must make quarterly estimated tax payments if you're self-employed, have business income, investment income, or other income not subject to withholding, and expect to owe $1,000 or more in taxes when you file your return. This includes freelancers, contractors, business owners, landlords, and investors with significant capital gains. Even if you have a regular job with withholding, you may need quarterly payments if your additional income creates a large tax liability.
What are the safe harbor rules for avoiding penalties?
Safe harbor rules protect you from underpayment penalties if you pay either: (1) 90% of the current year's tax liability, or (2) 100% of last year's tax liability (110% if your prior year AGI exceeded $150,000). If you meet either safe harbor rule through quarterly payments and withholding, you won't owe penalties even if you underpay. The safe harbor based on prior year tax is often easier to calculate and provides certainty.
When are quarterly tax payments due and how do I make them?
Quarterly payments are due on January 15, April 15, June 17, and September 16 (or the next business day if these fall on weekends/holidays). You can pay online through IRS Direct Pay, EFTPS (Electronic Federal Tax Payment System), by phone at 1-888-PAY-1040, or by mail with Form 1040ES. Most people find online payments most convenient. Set up automatic payments or calendar reminders to avoid missing due dates, as late payments incur penalties and interest.