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2023 quarterly tax schedule explained

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  • Staff Report 

Many Americans only pay their taxes once each year, but others find themselves with a quarterly tax.

IRS building for quarterly tax payments

Some even receive refunds once per year instead of paying.

Those who are required to pay quarterly taxes should remain on top of the schedule in order to avoid penalties and fines.

Many people that pay their taxes quarterly are self employed or gig workers. These people are required to pay taxes each quarter and should know the deadlines for 2023.

Schedule for quarterly taxpayers

  • First quarter deadline: April 18 for wages earned between January 1 and March 31.
  • Second quarter deadline: June 15 for wages earned between April 1 and May 31.
  • Third quarter deadline: September 15 for wages earned between June 1 and August 31.
  • Fourth quarter deadline: January 15, 2024 for wages earned between September 1 and December 31.

How it all works

If you are self employed or a gig worker that expects to have a tax liability of more than $1,000 for the entire year, you probably need to pay quarterly taxes.

If you underpay you run the risk of penalties, and if you overpay you’ll get it back as a refund.

Farmers and fishermen are subject to their own rules with the IRS, and people that don’t receive an even income through the year can vary their estimated payments to avoid the penalties or have them lowered. If you do end up with a penalty, then Form 2210 can calculate the amount.

IRS Direct Pay is the easiest way to make payments directly from your bank account to the IRS. You may also pay with a credit or debit card. That will charge a fee.

Tax deadline for 2023 with the IRS

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