The Internal Revenue Service today reminds those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others that the payment for the second quarter of 2024 is due Monday, June 17.
Who needs to pay estimated tax?
Taxpayers including sole proprietors,
partners and S corporation shareholders must make estimated tax payments if
they expect to have a tax liability of $1,000 or more when they file their
return.
The IRS Interactive Tax Assistant is an online tool that taxpayers can use to see
if they are required to make estimated tax payments. Taxpayers can also see the
worksheet in Form 1040-ES, Estimated Tax forIndividuals, for more information about who must pay estimated
tax.
Corporations that expect to owe tax of $500
or more, generally must make estimated tax payments. For more information,
corporations can see Publication542, Corporations.
