How to Make Sure Your Taxes Are Paid on Time

Tax problems image 4444Businesses and individuals are all aware that the US IRS expects to hear from you and make your tax payment. Of course, if you are going to receive a refund, you also want to be sure to file your correct tax forms, possibly enabling you to receive an even larger one. Understanding the due date and submitting your taxes on time will help to reduce your overall taxes.

Personal Tax Deadline

Taxes for individuals in the US are always due on April 15th, unless there are circumstances that may extend the date. Circumstances on the government’s part have occurred lately and include government shutdowns, extreme weather, and more.

Tax forms with payments can be sent to the IRS any time after the New Year starts. It also depends on whether or not you have received all of your necessary tax forms, such as W-2s, 1099s, etc.

Small Business Taxes

If you have a small business, which is anything other than a C-corporation, you also have to file your taxes by April 15th. This means that if you are a sole proprietor, a business partner, an LLC, or an S corporation, your taxes will be filed on your personal tax form.

Estimated Tax Payments

The IRS requires estimated payments to be made quarterly under certain conditions. A C corporation must make them if more than $500 is due annually in taxes. Other forms of small businesses, except for farmers and fishermen (who have different rules), must make quarterly estimated tax payments if they expect to pay more than $1,000 in taxes. These amounts are for the total amount owed after you have subtracted all of your deductions, exemptions, credits, and withholding.

Small businesses, as well as corporations, may need to make estimated tax payments at different times in the year. It is important to make these payments on time because there may be a penalty if the due date is missed. The due dates are as follows:

  • April 15
  • June 15
  • 15
  • 15 of the new year

These due dates do have one exception. The IRS says that it is not necessary to make the payment on Jan. 15th, if you submit your forms and full balance owed prior to February 1, 2021.

When Payments Are Late

Making a late tax payment is likely to mean that you will need to pay a penalty. It is calculated by the number of days that it is late, which means the later it is the bigger the penalty is going to be. If your payment is postmarked on the due date, it will not be considered late. If the payment is not large enough to cover the amount due, you will pay a penalty on the balance owed based on the number of days it is late.

You can avoid making a late tax payment by making sure your taxes are ready on time, whether you need to make a yearly income tax payment or an estimated tax payment. Taxfyle ( can help you calculate your taxes accurately and may even be able to help you get a larger tax refund.