We’re coming up on the final estimated tax payment of 2021 next week! Since the standard quarterly deadline of January 15 falls on a Saturday this year, and Martin Luther King Jr. Day will be celebrated on Monday, all self-employed individuals will need to submit their quarterly estimated tax payment by Tuesday, January 18 for the last quarter of 2021.
This means that it’s time to tally up your income, expenses, and mileage rates from Sept. 1, 2021 – December 31, 2021 and calculate your estimated taxes owed to the IRS.
In addition, the following sources of income are subject to estimated taxes as well:
- Rental income from vacation or secondary properties
- Retirement benefits
- Social Security benefits (if you receive other sources of income)
- Dividends and interest earned from investment sales
- Royalties for previous work
- Prizes and awards
- Unemployment benefits
When you’re ready to file your estimates taxes, you’ll want to complete IRS Form 1040-ES; however, if you’re filing as a corporation, you’ll want to use IRS Form 1120-W to submit your information. Once you’ve completed the correct form, you can submit payment by mail or online at the IRS website.
If the form and calculations seem cumbersome, we’re happy to get you through the process and across the finish line by the upcoming deadline. Just give us a call or send us an email, and we’ll get started.
Here’s important information on estimated tax payment deadlines in 2022.
Estimated Tax Payment Deadlines for 2022
- Q1 2022 (Jan. 1 – Mar. 31): April 18, 2022
- Q2 2022 (April 1 – May 31): June 15, 2022
- Q3 2022 (June 1 – Aug. 31): September 15, 2022
- Q4 2022 (Sept. 1 – Dec. 31): January 16, 2023
Please call us at (781) 247-5569 or text the office line at (781) 790-4504 for any questions, no matter how simple or complex. As always, we are here to help and look forward to connecting with you!
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Kerry McMenamy specializes in taxation for small business owners, helping them navigate self-employment tax, quarterly estimated tax payments, recordkeeping, and tax planning opportunities. Kerry started working with Erock Tax four years ago, bringing 20 years in the field of education. Her natural role as an educator assists many of our clients with their everyday income tax responsibilities.
