If you are self-employed, you are required to make estimated tax payments to the IRS on a quarterly basis. However, the dates are not exactly quarterly.
Currently, estimated tax payments are due on April 15, June 15, September 15 and January 15 of the following year. This means that June and September payments are truly not on a quarterly basis. The oddly spaced deadlines can make it harder for self-employed individuals to make their estimated tax payments.
Bipartisan legislation is currently being proposed to make estimated tax payment deadlines at more regular intervals, namely April 15, July 15, October 15 and January 15. The current deadlines have been described as part of an antiquated tax system that creates confusion among self-employed individuals regarding their tax obligations.
If the legislation is passed, the new estimated tax payment deadlines would begin in 2017. We are in favor of this legislation. What do you think?