Deadline Approaching for First Quarter Estimated Tax Payments

IRS reminds taxpayers of April 18 deadline for first quarter estimated tax payments in 2023. Stay updated on payment guidelines.

The Internal Revenue Service (IRS) has issued a reminder that April 18 is the deadline for first quarter estimated tax payments for the tax year 2023.

Individuals and businesses that do not have taxes withheld or do not have enough taxes withheld by their employers throughout the year must make these payments.

This includes self-employed individuals, retirees, investors, corporations, and others.

Income taxes in the US are paid on a pay-as-you-go basis, which means taxes must be paid as income is earned or received during the year.

Estimated tax payments help individuals and businesses avoid penalties by ensuring they pay taxes on income not subject to withholding, such as interest, dividends, capital gains, alimony, and rental income.

Form 1040-ES, Estimated Tax for Individuals, provides instructions for calculating estimated taxes, and payments can be made electronically through the IRS website.

The IRS urges taxpayers to use its Tax Withholding Estimator tool to ensure the right amount of tax is withheld from their paychecks.

1 Comment ▼

Joshua Sophy Joshua Sophy is the Editor at Small Business Trends. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.

One Reaction
  1. Just sent mine in, despite the extra couple days the government provided.