Reminder: Estimated Tax Payments Are Due Today

The deadline for submitting your third estimated tax payment for 2022 is here, so get your payments in before it's too late.

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Under our country's "pay as you go" tax system, Uncle Sam wants to collect his cut periodically throughout the year as you earn income. In most cases, the required taxes are paid through paycheck withholding (your employer sends in the payments). But if you're self-employed, have a side gig, or don't have taxes withheld from other sources of taxable income (e.g., interest, dividends or capital gains), then quarterly estimated tax payments to the IRS are typically required.

Estimated taxes are paid in four equal installments — generally, one installment for each quarter of the year. The first payment for the 2022 tax year was due on April 18, 2022, while the second payment was due June 15. The third 2022 estimated tax payment, which is for income earned from June 1 to August 31, is due today (September 15, 2022)! If you're paying electronically, your payment must be submitted and received by midnight tonight.

Also, unless you live in a state with no income tax, you might owe state estimated taxes, too. Check with the state tax agency (opens in new tab) where you live for state estimate tax payment due dates.

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Disaster Victims Get More Time to Pay Estimated Taxes

People and businesses impacted by certain natural disasters are typically given more time to file federal tax returns and pay federal taxes. This includes extensions for making estimated tax payments. For the third estimated tax payment for the 2022 tax year, victims of the following disasters are allowed more time to pay estimated federal income taxes:

Calculating and Paying Estimated Taxes

Use Form 1040-ES (opens in new tab) to calculate and pay your estimated taxes – use the worksheet in the form instructions. The various payment methods are also described in the instructions for the form.

If you owe at least $1,000 in tax for the year, you could be hit with a penalty if you don't pay enough estimated tax throughout the year. So, if you expect to surpass the $1,000 threshold, make sure you accurately calculate the payment amount.

For more information on 2022 estimated tax payments, see When Are 2022 Estimated Tax Payments Due?

Rocky Mengle
Senior Tax Editor, Kiplinger.com

Rocky is a Senior Tax Editor for Kiplinger with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, he worked for Wolters Kluwer Tax & Accounting and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky has a law degree from the University of Connecticut and a B.A. in History from Salisbury University.