James D. Lynch
Reminder: Second Estimated Tax Payment Due June 15
For those making quarterly personal federal estimated income tax payments, the second quarterly payment is due on June 15, 2018.
Since the U.S. tax system operates on a pay-as-you-go basis, taxpayers are required by law to pay their tax liability during the year. Most often, self-employed people need to pay quarterly installments of estimated tax. Similarly, investors, retirees and others whose income is not subject to withholding often need to make these payments as well. Employees generally do not need to make estimated tax payments because employers withhold income taxes from the employees' paychecks.
Taxpayers can pay their estimated tax payments online (through EFTPS or IRS Direct Pay), by phone, or by mail. If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will consider the payment to be on time, even if the IRS receives it after the due date.