Time is Up for your 3rd Qtr 2018 Estimated Federal Income Tax Payment
The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers beginning on January 2018. Because of the far-reaching tax changes taking effect this year everyone should perform a Paycheck Checkup now. Doing so now will help avoid an unexpected year-end tax bill and possibly a penalty. The easiest way to do this is to use the Withholding Calculator available on IRS.gov.
Form 1040-ES, Estimated Tax for Individuals, available on IRS.gov, is designed to help taxpayers figure these payments simply and accurately. The estimated tax package includes a quick rundown of key tax changes, income tax rate schedules for 2018 and a useful worksheet for figuring the right amount to pay.
When and how to pay estimated tax
Taxpayers normally make four estimated tax payments a year. Remaining payments for 2018 are due Sept. 17, 2018, and Jan. 15, 2019. Those who make estimated payments may be charged a penalty if those payments are late.
Taxpayers have a variety of ways to pay estimated tax: online, by phone or from their mobile device. Direct Pay is a secure online service to pay a tax bill or pay estimated tax directly from a checking or savings account at no cost. Visit IRS.gov/payments for easy and secure ways to pay taxes. If a taxpayer pays estimated tax by mail, they should use the payment vouchers that come with Form 1040-ES.
Publication 505, Tax Withholding and Estimated Tax, provides more information about these special estimated tax rules. Taxpayers in presidentially declared disaster areas may have more time to make these payments without penalty. Visit the Tax Relief in Disaster Situations page on IRS.gov for details.
For more information about estimated taxes, see these IRS resources:
- Estimated Tax – frequently asked Questions and Answers
- Form 1040-ES, Estimated Tax for Individuals
- Tax Topic 306 – Penalty for Underpayment of Estimated Tax
- FAQs Estimated Taxes for Individuals
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