The IRS recently announced that they’ve extended the due date for 2nd Quarter 2020 Estimated Tax Payments. Normally due by 6/15, the IRS has now extended this due date to July 15th, 2020.
Taxpayers will not be required to pay anything before July 15, 2020. This includes tax balances due for tax year 2019, 1st Quarter 2020 Estimated Tax Payments & 2nd Quarter 2020 Estimated Tax Payments.
Please read below for more information provided on the IRS.gov website.
When are quarterly estimated tax payments due?
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.
If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8 p.m. Eastern time on the due date. If you use a credit or a debit card, you can make payments up to midnight on the due date.
When to Pay Estimated Tax
|Payment Period||Due Date|
|January 1 – March 31||April 15 – See Filing and Payment Deadline Extended to July 15, 2020 – Updated Statement for tax relief on account of Coronavirus Disease 2019.|
|April 1 – May 31||June 15 – Extended to July 15, 2020|
|June 1 – August 31||September 15|
|September 1 – December 31||January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax|
|Fiscal Year Taxpayers||If your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505|
|Farmers and Fishermen||See Chapter 2 of Publication 505|
Note: If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that’s not a Saturday, Sunday, or legal holiday.