It’s June 15. This means that you need to pay estimated quarterly taxes. For those who don’t have their taxes withheld from their paychecks, this is a regular occurrence, taking place January 15, April 15, June 15 and September 15. It seems a little strange, since June comes awfully quick after April. But it must done.
If you don’t get your payment off by the proper date, the IRS will charge you interest for each day that it is late. The first year I paid quarterly taxes, I spaced it and owed interest, even though my payment was only a few days late. The nice thing about the IRS, though, is that it counts the date of your postmark. So, if you mail a check, and it’s postmarked today, it will still count as being paid on time. The IRS is much nicer about that than creditors.
Paying your quarterly taxes electronically
Another option is to use the Electronic Federal Tax Payment System (EFTPS) to pay without a check. You can go in and pay each time your taxes are do, or you can actually set up a recurring payment with the system. This payment will be taken from your checking account, or you have have it charged to your credit card. Just be aware that it can take some time to set up an electronic payment, so allow a few days the first time you do it.