Taxes Blog

Finance Blogs » Taxes » Estimated tax due Sept. 17

Estimated tax due Sept. 17

By Kay Bell · Bankrate.com
Friday, September 14, 2012
Posted: 11 am ET

One of the first things you notice if you follow taxes is that the tax collector operates on a different timetable than most of us.

Sure, tax years in most cases start Jan. 1 and end Dec. 31. But in between, the calendar tends to get jumbled.

Tip reporting is due on the 10th of each month. Businesses face a variety of different due dates throughout the year. And the middle of the month is the biggest date for individual taxpayers.

It's usually April 15 that we focus on. But if you make money that doesn't have taxes withheld from it, then you have to worry not only about mid-April, but also three other 15th deadlines. They are the June, September and January due dates for estimated taxes.

And the third payment for 2012 estimated taxes is due Monday, Sept. 17.

Wait. Didn't I just say the 15th was the crucial day? Yes, except -- and here's where the tax man plays with the calendar again -- when the 15th falls on a weekend or a federal holiday.

Sept. 15 falls on Saturday this year, so that means you get two extra days to send in your 1040-ES for the third quarter of 2012 earnings. This coming payment covers money made during June, July and August that you didn't pay taxes on.

As I note in my Bankrate story on estimated taxes (which includes a table showing the four estimated deadlines and the earnings periods they cover), a lot of taxpayers face these extra tax filings. They get untaxed money from self-employment, investments, alimony and, if they're lucky, prizes they've won.

Since our tax system is set up on a pay-as-you-earn basis, if you don't make estimated tax payments on that money, you could end up owing not only the actual taxes due, but also penalties and interest for not paying them on time.

So take note of the Internal Revenue Service calendar, and don't miss Monday's estimated tax payment deadline.

Want the latest tax news, deadlines, alerts and tax-saving tips? Subscribe to Bankrate's free Weekly Tax Tip newsletter.

You also can follow me on Twitter @taxtweet.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
3 Comments
Kay Bell
September 17, 2012 at 12:19 pm

Yes, Thelma, if you're mailing the IRS a check (actually, you need to make it out to U.S. Treasury), a postmark does qualify as "timely paid" for estimated tax payments just like with your annual 1040. So make sure you get to the post office on time!

Thelma Chikuma
September 17, 2012 at 11:11 am

Is it enough to have the post mark on the 17th of Sept. and still be on time?