US taxpayers are reminded of the approaching IRS tax payment deadline for critical payments as the deadline draws near.
September 15, 2023, marks the due date for several tax obligations that individuals, businesses, and self-employed individuals must meet to avoid penalties and interest charges.
IRS Quarterly Estimated Tax Payments
One of the primary obligations facing taxpayers on September 15 is the payment of quarterly estimated taxes. These payments are vital for self-employed individuals, freelancers, and small business owners who don’t have taxes withheld from their income.
The IRS expects these taxpayers to calculate their estimated tax liability and make payments four times a year. Failure to meet this deadline can result in penalties and interest on the underpaid amount.
Additionally, September 15 is the deadline for filing tax returns for partnerships and S corporations that operate on a calendar year. Business owners who operate under these structures should ensure that they have submitted their tax returns and paid any taxes owed by this date to avoid potential fines.
Consulting Tax Professionals
For those managing trusts and estates, September 15 is the due date for filing income tax returns (Form 1041) and making any required tax payments. Executors and trustees must comply with these deadlines to avoid penalties and interest on unpaid taxes.
Taxpayers with financial interests in foreign accounts or assets may also have a September 15 deadline for filing the Report of Foreign Bank and Financial Accounts (FBAR), FinCEN Form 114. It’s essential for individuals who meet the reporting thresholds to file this form to remain compliant with U.S. tax laws.
The IRS provides various methods for making tax payments, including electronic funds transfer, credit card payments, and mailing a check or money order.
Taxpayers are advised to explore these options and ensure that their payments are submitted on time to avoid additional costs.
Failure to meet these deadlines may result in penalties and interest charges, which can accumulate quickly. Therefore, it is crucial for affected taxpayers to take action promptly and consult with tax professionals if needed to meet their obligations and remain in good standing with the IRS.