The IRS is a notoriously complicated agency, and preparing your taxes can be an overwhelming task. Don’t worry, though—the good news is that you don’t have to do it on your own. There are plenty of resources available to help you, from tax software to advice from CPAs. One important question you may be wondering is when are quarterly taxes due? The answer is 2023. Here’s what you need to know to make the process as smooth as possible.
What is Quarterly Tax?
The IRS has a quarterly tax-payment schedule that determines when taxes are due. The dates for the first, second, third, and fourth quarters of the year are listed below:
Quarterly Taxes Due Dates First Quarter (Jan 1-Mar 31) April 15 Second Quarter (Apr 1-June 30) July 15 Third Quarter (July 1-Sept 30) October 15 Fourth Quarter (Oct 1- Dec 31) January 15
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When Do Quarterly Taxes Start?
Q: When do quarterly taxes start?
A: Quarterly taxes generally start on the 15th day of the fourth month following the end of the quarter.
When Do Quarterly Taxes End?
There are generally three quarters in a year. Taxes are generally paid during the quarter in which the income is earned. However, there are some exceptions to this rule. For example, some taxes, such as social security and Medicare taxes, are paid on an annual basis. Here is a more detailed explanation of when quarterly taxes end:
Taxes Paid on Quarterly Income:
When a taxpayer receives quarterly income, their tax liability for that quarter is typically calculated and paid based on the last four months’ worth of income. If a taxpayer’s tax liability for the quarter is not yet determined, then they usually pay their estimated tax based on their total taxable income from all sources for the last year plus any credits or refunds they may have received from the IRS. This means that if you receive quarterly income and your tax liability for that quarter has not been determined, you should contact your accountant or file your taxes with the IRS by April 15th to ensure you pay your proper taxes on time.
This assumes that you do not have any qualified deductions or exemptions which would reduce your taxable income below what was reported on your W-2 form from your employer.
What Are the Different Types of Quarterly Taxes?
There are three types of taxes that you may pay on a quarterly basis: federal, state, and local. Federal taxes are paid by individuals and businesses based on their income. State taxes are paid by residents based on their income, property value, or sales activity. And local taxes are paid by taxpayers based on the value of their property within a given municipality.
Each type of tax has different due dates and penalties for late payment. For federal taxes, the due date is the fourth Wednesday of each month. State taxes are due on the first Monday of each month, with a few exceptions. Local taxes are typically due on the last Friday of each month (although this can vary depending on the municipality).
If you don’t pay your quarterly tax bill in full by the due date, you may face penalties including interest charges and late fees. In some cases, your account may be placed in collections status which could lead to significant financial consequences down the road. Therefore, it is important to keep all your quarterly tax bills accurate and current so that any penalties or complications associated with unpaid taxes don’t arise.
How to Pay Quarterly Taxes
Quarterly taxes are due on April 15, July 15, October 15 and January 15 of every year. The due date for federal taxes is generally the same as the due date for state taxes, but there are some exceptions. For example, if you file your federal return by October 15th, you must pay your federal taxes by April 15th of the following year. Check with your tax preparer to find out more about when you should pay your quarterly taxes.
Can You Refund a Quarterly Tax Bill?
If you have paid quarterly taxes in advance, you may be able to request a refund. Refunds are typically issued within 14 days after the IRS has received your corrected tax return. If you paid your taxes by check, the refund will be sent to the address on file with the IRS. If you paid with money order or cash, the refund will be mailed to you.
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If you are like most Americans, then you probably have a lot of questions about when your quarterly taxes are due. The good news is that there is no need to stress – calculating and paying your quarterly taxes is easy with the help of TurboTax. Simply follow our simple steps to determine when your tax payments will be due, and you will be on your way to a stress-free quarter!