Final 2022 Estimated Tax Payments Due

The due date for your final 2022 estimated tax payment(s) is approaching! Be sure to mail or make your estimated tax payment(s) online by January 17, 2023.

As a reminder...

Taxes are normally paid throughout the year by withholding tax from paychecks or by making quarterly estimated tax payments to the IRS, or by a combination of both. Individuals do this because income taxes are pay-as-you-go, meaning taxpayers need to pay most of their tax during the year as income is earned or received.

Who should make estimated tax payments?

Taxpayers who earn or receive income that is not subject to tax withholding such as self-employed people or independent contractors should pay their taxes quarterly to the IRS.

In addition, people who owed tax when they filed their current year tax return often find themselves in the same situation again when they file the next year. Taxpayers in this situation normally include:

• Those who itemized in the past but are now taking the standard deduction,
• Two wage-earner households,
• Employees with non-wage sources of income such as dividends,
• Those with complex tax situations, and/or
• Those who failed to increase their tax withholding.