If you choose not to have taxes withheld from your wages, or if you have not paid enough for each paycheck, you may have to make estimated tax payments. Similarly, self-employed people typically pay income tax by estimated payments. Four Important facts about estimated taxes If you think you need to pay estimated taxes, or if you are looking for more information about making estimated tax payments, please refer to the following tips: If you expect to owe more than $1,000 in federal income tax for 2018, you should be prepared to pay estimated tax.

To determine the amount you may need to pay, you should estimate your total annual income, taking into account any deductions or credits for which you are eligible. Any changes in your status, such as a child’s birth or marriage, may change the amount you are responsible for paying. Those who rely on estimated tax payments usually pay four times a year, on or about 15 April, June and September, and again on 15 January next year. So you’d pay for your 2018 taxes in April, June and Sept. in 2018, and the last payment would be in January 2019. Payments can be made via the internet or by phone. If you wish to send payments to the IRS by mail, you should use the relevant vouchers provided with Form 1040-ES, Estimated Individual Tax.