When Are 2017 Quarterly Taxes Due?
As a self-employed individual or a business owner, it is essential to understand the deadlines for filing and paying quarterly taxes. For the year 2017, the quarterly tax due dates are as follows:
– April 18, 2017: This date acts as the first quarterly tax deadline for the year. It covers income received from January 1 to March 31.
– June 15, 2017: The second quarterly tax deadline covers income from April 1 to May 31.
– September 15, 2017: This is the third quarterly tax deadline, covering income from June 1 to August 31.
– January 16, 2018: The fourth and final quarterly tax deadline covers income from September 1 to December 31.
It is important to note that if the due date falls on a weekend or a federal holiday, the deadline is extended to the next business day. Additionally, if you file your tax return for the year by January 31, 2018, and pay any remaining tax due, you will avoid any potential penalties or interest charges.
Frequently Asked Questions (FAQs):
1. What are quarterly taxes?
Quarterly taxes are payments made by self-employed individuals and business owners to cover their income tax liability throughout the year. These payments are made in four installments, typically due in April, June, September, and January.
2. Who needs to pay quarterly taxes?
If you expect to owe $1,000 or more in taxes at the end of the year after subtracting any tax withholding or credits, you are required to pay quarterly taxes.
3. What if I miss a quarterly tax payment?
If you miss a quarterly tax payment, you may be subject to penalties and interest charges. It is important to pay your taxes on time to avoid any unnecessary fees.
4. How do I calculate my quarterly tax payment?
To calculate your quarterly tax payment, estimate your total income for the year and determine your expected tax liability. Divide that amount by four to determine your quarterly payment. You can use the IRS Form 1040-ES to help estimate your taxes.
5. Can I pay my quarterly taxes online?
Yes, you can pay your quarterly taxes online through the Electronic Federal Tax Payment System (EFTPS). This system allows you to schedule payments in advance and receive instant confirmation.
6. Can I pay my quarterly taxes with a credit card?
Yes, you can pay your quarterly taxes with a credit card. However, keep in mind that there may be convenience fees associated with this method of payment.
7. What happens if I overpay my quarterly taxes?
If you overpay your quarterly taxes, the excess amount will be applied as a credit towards your next tax payment or refunded to you.
8. Can I adjust my quarterly tax payments throughout the year?
Yes, you can adjust your quarterly tax payments throughout the year if your income or tax liability changes. It is recommended to review and adjust your estimated payments periodically to avoid under or overpayment.