Payment 3 of Form 1040-ES is due September 15, 2010. Individuals who are required to make estimated tax payments should print out Form 1040-ES, read the instructions, and send in your estimated tax payment as soon as you can even if it’s late.
Individuals are generally required to make estimated quarterly tax payments when they have taxable income that is not subject to withholding. Common examples include earnings from self-employment, interest, dividends, rents, and alimony.
Throughout the year individuals will use Form 1040-ES Payment Vouchers to submit 4 estimated tax payments. These estimated income tax payments are due on the following dates:
- April 15
- June 15
- Sept 15 (now due)
- Jan 18
What if you don’t send in your estimated quarterly tax payments? If you don’t submit estimated tax payments and you are required to do so, the IRS will charge you a penalty. After you submit your Form 1040 tax return, a tax penalty notice will be mailed to you from the IRS. Such a tax penalty is based on the annualized amount due and the number of days the tax due remains unpaid. If you know that you owe something, it’s better to pay what you can even if it is late. This will reduce the amount outstanding and in turn the penalty amount you will pay.
To learn how to calculate and pay your estimated tax, please print and read tax Form 1040-ES. The Form 1040-ES image link above in this post includes 4 payment vouchers so that you can print and mail your estimated quarterly taxes to the IRS. Additional printable tax forms are available on our website.