If you’re a freelancer, entrepreneur, or other worker who doesn’t have taxes withheld from your paycheck, a key deadline to make payments is approaching, according to the IRS.
The due date for 2023 second-quarter estimated tax payments is June 15, which applies to income without withholdings, such as self-employment earnings, investments, gig economy work and more. Some filers also make quarterly payments when their employer doesn’t withhold enough from each paycheck.
Last week, the IRS reminded filers to consider quarterly payments to “stay current and avoid a surprise at tax time.”
“Estimated tax payments are crucial for meeting tax obligations throughout the year, avoiding penalties and staying on top of your finances,” said Sean Lovison, a Philadelphia-area certified financial planner with WJL Financial Advisors. He is also a certified public accountant.