IRS Highlights April 15 Deadline For 2024 Q1 Estimated Tax Payment

The IRS issued guidance reminding taxpayers, including self-employed individuals, retirees, investors, businesses, and corporations, about the upcoming April 15 deadline for first-quarter estimated tax payments for the 2024 tax year. Since income taxes operate on a pay-as-you-go basis, individuals without taxes withheld are legally required to pay taxes as income is earned throughout the year. This obligation particularly affects those in the gig economy, retirees, investors, and others whose income isn’t subject to withholding. Quarterly tax estimates should encompass all forms of earned income, such as part-time work or side jobs, and non-withheld income like interest or dividends. Making these payments helps taxpayers avoid penalties and fulfill their tax responsibilities.

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