Reminder: January 15 Deadline for 2024 Estimated Taxes is Fast Approaching

The IRS has released a reminder for taxpayers who did not pay enough in taxes during 2024 to make a final estimated tax payment for the 2024 tax year by January 15, 2025.  Self-employed individuals and independent contractors with income that was not subject to withholding pay their taxes via quarterly installments.  However, some taxpayers with W-2 wages should also consider making a payment to avoid a tax bill during the 2024 tax filing season.  Common situations where a taxpayer should pay attention to the estimated tax option include: taxpayers who itemized their deductions in the past but are now taking the standard deduction, two wage-earner households, employees with non-wage sources of income such as dividends, taxpayers with complex tax situations and taxpayers who failed to increase their tax withholding based on changed circumstances in 2024.  For more information on the estimated tax and penalties for underpayment, visit Tax Facts Online. Read More: Link to Q8572.