QUARTERLY ESTIMATED TAX PAYMENTS STILL DUE BY 4/15

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Although the IRS and Treasury Department have extended the tax filing season, pushing the deadline from April 15 to May 17, 2021, this extension only applies to the 2020 tax return.

This relief does not apply to estimated tax payments due on April 15th. Therefore, you should still continue to make quarterly estimated tax payments by 4/15.

Comment: This can particularly affect self-employed and gig workers or those who receive income not subject to third party withholding. In general, you can avoid penalties by paying 100% of last year’s tax liability.

 The above would also apply to state and local taxes.

 Should you need assistance, please feel free to contact us.