IRS Reminder: Second Quarter Estimated Tax Payment Deadline Approaches

As summer kicks off, the Internal Revenue Service (IRS) is reminding taxpayers that the second quarter estimated tax payment deadline is Monday, June 16. This deadline is crucial for individuals and businesses who receive income not subject to withholding, such as self-employment earnings, gig work, interest, dividends, capital gains, rental income, or 1099 earnings.

Who Needs to Pay Estimated Taxes?

The IRS requires estimated tax payments from:

• Sole proprietors, partners, and S corporation shareholders expecting to owe at least $1,000 in taxes for the year.

• Corporations anticipating a tax liability of $500 or more.

• Freelancers, retirees, and investors earning income outside traditional payroll systems.

  
  

Why Paying on Time Matters

Timely estimated tax payments help taxpayers avoid penalties and prevent them from falling behind on their tax obligations. The IRS emphasizes that federal income taxes operate on a pay-as-you-go system, meaning individuals must pay taxes as they earn income rather than waiting until the end of the year.

How to Make a Payment

The IRS offers several secure and convenient payment methods, including:

• IRS Online Account

• Direct Pay (using a checking or savings account)

• Credit/debit card or digital wallet (fees may apply)

• Electronic Federal Tax Payment System (EFTPS)

• IRS2Go mobile app

• Mailing a check or money order with Form 1040-ES

Corporations must use electronic funds transfer, typically through EFTPS, for all federal tax deposits.

With the June 16 deadline fast approaching, taxpayers should review their income sources and ensure they meet their estimated tax obligations. Whether you're a freelancer, investor, or business owner, staying ahead of tax deadlines can help avoid unnecessary penalties and keep finances in check.

For more details, visit the official IRS announcement here.