When is estimated tax due for 2018

If you pay estimated taxes, be sure to claim credit for them when you file your tax return. Form ES includes a worksheet to help you determine your estimated tax.

Never accused of oversimplifying things, the IRS doesn't break the tax year into four three-month quarters. The first quarter is three months January 1 to March 31 , but the second "quarter" is two months long April 1 to May 31 , the third is three months June 1 to August 31 and the fourth covers the final four months of the year.

The installment payments are typically due on April 15, June 15, and September 15 of the current year and then January 15 of the following year. You can skip the final payment if you will file your return and pay all the tax due by February 1. If a due date falls on a weekend or legal holiday, the deadline is pushed to the next business day. You don't have to make any payment until you have income on which estimated taxes are due.

But what if you receive income during the third quarter that, for the first time, makes you liable for estimated tax payments? You will need to use IRS Form to show that your estimated tax payment is due because of income during a specific time of the year.

If not, the IRS assumes that you had the income throughout the year and simply underpaid your estimated tax. This could lead to a penalty. To hold your payments to a minimum, base each installment on what you have to pay to avoid the penalty, using any exceptions that benefit you. If you have a tax refund coming from the IRS, you can elect on your return to have part or all of the money applied to your estimated tax bill for the following year.

Although the IRS doesn't pay any interest on such advance payments, it may make sense to use the refund to pay the first installment typically due April 15 and perhaps even the second just to save yourself the hassle of writing and sending in the checks. Also note: If at least two-thirds of your gross income is from farming or fishing, you have only one estimated tax payment for the year, which is due by January 15 of the following year.

You can even skip making the single estimated tax payment as long as you file your tax return by March 1 and pay any tax due in full. If all your regular income comes in salary and your employer is withholding enough taxes on your pay, you should not need to pay any estimated taxes unless you suddenly strike it rich by selling stock at a large profit or winning the lottery. If you start a side business and you report your income from that business on Schedule C while continuing to work for an employer who withholds from your paycheck, you may be able to increase your withholding so that it equals what your tax liability would be for the entire year, or is enough to meet the exception for last year's tax liability that we told you about earlier.

In that case, you will not need to pay estimated taxes on your side business. Some retirees avoid the need to make estimated payments by having enough tax withheld from required distributions from IRAs at year-end to cover their tax bill for the year.

You can even have federal income tax withheld from your Social Security income if you are receiving benefits. We can't think of any good reason. A temporary absence from Louisiana does not automatically change your domicile for individual income tax purposes.

As a resident taxpayer, you are allowed a credit on Schedule G for the net tax liability paid to another state if that income is included on the Louisiana return. Residents may be allowed a deduction from taxable income of certain income items considered exempt by Louisiana law.

In each case, the amount of income subject to a deduction must be included on the Louisiana resident return before the deduction can be allowed. Nonresident and part-year resident taxpayers who are required to file a federal individual income tax return are required to file a Louisiana income tax return, ITB , reporting all income earned from Louisiana sources.

The calculation for the ITB requires that a taxpayer report all income from all sources in order to determine a ratio of Louisiana adjusted gross income to Federal adjusted gross income. Only income earned from Louisiana sources, however, is taxed.

Gambling winnings earned in Louisiana is considered to be Louisiana sourced income. A nonresident who received gambling winnings from Louisiana sources and who is required to file a federal income tax return must file a Louisiana return reporting the Louisiana income earned. If the amount withheld is overpaid, a refund of the difference will be issued or credited to the tax liability for the following year, based upon the taxpayer's return.

Military personnel whose domicile home of record is not Louisiana are not required to file a Louisiana income tax return on the wages earned from the military. Military personnel who earned nonmilitary income from Louisiana sources or whose spouse earned income from Louisiana sources are required to file a Louisiana income tax return reporting the amount of Louisiana income. Nonresident and part-year resident taxpayers use the Tax Computation Worksheet to calculate the amount of Louisiana tax due based on the amount of their Louisiana taxable income.

A nonresident individual who is a member of the following associations is considered a professional athlete and is required to electronically file a Louisiana income tax return, ITB-NRA reporting all income earned from Louisiana sources:.

Income from Louisiana sources include compensation for the services rendered as a professional athlete and all income from other Louisiana sources, such as endorsements, royalties, and promotional advertising. The calculation of income from compensation is based on a ratio obtained from the number of Louisiana Duty Days over the total number of Duty Days. Duty Days is defined as the number of days that the individual participated as an athlete from the official preseason training through the last game in which the individual competes or is scheduled to compete.

Nonresident professional athlete taxpayers use the Tax Computation Worksheet to calculate the amount of Louisiana tax due based on the amount of their Louisiana taxable income. A resident individual who is a member of the associations listed above is considered a professional athlete and is required to electronically file a Louisiana income tax return, ITB-NRA reporting all of their income.

The IRS provides two free electronic payment options, where taxpayers can schedule their estimated and other federal tax payments up to 30 days in advance, with Direct Pay bank account or up to days in advance, with the Electronic Federal Tax Payment System EFTPS.

They can also visit IRS. Taxpayers can pay their estimated tax payments any time before the end of the tax year. Most taxpayers make estimated tax payments in equal amounts by the four established due dates. The three remaining due dates for tax year estimated taxes are June 17, September 16, and the final payment is due January 15, Taxpayers due a refund on their federal income tax return may be able to reduce or even skip one or more of these payments by choosing to apply their refund to their estimated tax.

Taxpayers in presidentially-declared disaster areas may have more time to make these payments without penalty.

Visit the Tax Relief in Disaster Situations page for details. More In News. Who needs to pay quarterly? Employees have a choice Many employees who also receive income from other sources may be able to forgo making estimated tax payments and instead increase the amount of income tax withheld from their pay. Perform a Paycheck Checkup With many key tax changes now in their second year, the IRS urges all employees, including those with other sources of income, to perform a Paycheck Checkup now.

How and when to pay The IRS provides two free electronic payment options, where taxpayers can schedule their estimated and other federal tax payments up to 30 days in advance, with Direct Pay bank account or up to days in advance, with the Electronic Federal Tax Payment System EFTPS.