If you have a large tax balance due, you must make estimated tax payments to IRS and State Tax division during the year. For example, your annual income is $500,000 and your expected IRS tax is $150,000, you can’t wait until April 15 to pay $150,000. IRS will assess a penalty if you do that. You have to make estimated payment 4 times during the year to avoid the penalty.
| Payment Period | Due Date |
|---|---|
| January – March | April 15 |
| April – June | July 15 |
| July – Sept | October 15 |
| Oct – Dec | January 15 |
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