Important Tax Deadline Reminder: June 17, 2024 for Estimated Tax Payments

The IRS reminds taxpayers, including self-employed, retirees, and businesses.

June 17 Deadline for Estimated Tax Payments

The IRS has reminded taxpayers of a June 17 deadline for those not subject to employer withholding, such as self-employed individuals, retirees, investors, businesses, and corporations. San Diego residents granted an extension due to a January 22 storm, are also affected. The IRS emphasizes timely tax payments throughout the year to avoid penalties especially important for individuals with part-time jobs or side incomes, according to the report of The Hill.

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(photo: GovPlus)

Key Tax Payment Deadlines and Penalties for 2024

Delaying tax payments until 2025 could result in penalties. Taxpayers expecting to owe $1,000 or more should pay either 90% of their estimated 2024 tax or 100% of their 2023 tax during the year to avoid penalties. Penalties are based on the amount owed, duration of the debt, and an 8% interest rate for 2024.

Certain circumstances, like illness or family emergencies, may qualify taxpayers for reduced or waived penalties. The IRS recommends electronic payments as the safest and quickest method. Taxpayers can use their Online Account, IRS Direct Pay, or credit/debit cards. Payment options and details are available at IRS.gov/payments and through the IRS2Go app.

Following the June 17 deadline, taxpayers must make third-quarter payments by September 16 and final payments by January 15, 2025. It’s crucial to meet these deadlines to avoid penalties and fulfill tax obligations.

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