If you’re required to make a third-quarter estimated tax payment (e.g., you’re self-employed or don’t have taxes withheld from interest, dividends, or other sources of taxable income), you only have a few more days to send the proper amount to the IRS. Estimated taxes are paid in four equal installments — generally, one installment for each quarter of the year. The first payment for the 2021 tax year was due on April 15, while the second payment was due on June 15. The third estimated tax payment for 2021, which is for income earned from June 1 to August 31, is due on September 15, 2021.
Use Form 1040-ES to calculate and pay your estimated taxes. The various payment methods are described in the instructions for the form. If you owe at least $1,000 in tax for the year, you could be hit with a penalty if you don’t pay enough estimated tax throughout the year.
Also, unless you live in a state with no income tax, you might owe state estimated taxes, too. Check with the state tax agency where you live for state estimate tax payment deadlines.
For more information on 2021 estimated tax payments, see When Are 2021 Estimated Tax Payments Due?