IRS Alert: Estimated Tax Payments for 3rd Quarter Due on Sept. 16

The IRS alerted taxpayers about estimated tax payments due in roughly 10 days, warning that underpayments can result in penalties. The deadline for making third-quarter estimated tax payments is Sept. 16, according to a recent statement. “Taxes must be paid as income is earned or received during the year, either through withholding or estimated tax payments. Taxpayers such as gig workers, sole proprietors, retirees, partners, and S corporation shareholders generally should make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return,” the statement said. The Sept. 16 deadline is not applicable to taxpayers who work, live, or have a business in a disaster region. These individuals automatically qualify for a delayed deadline....