# quarterly tax payments **URL:** \ **Category:** In My Humble Opinion\ **Created:** [January 14, 2014, 4:37pm UTC](https://boards.straightdope.com/t/quarterly-tax-payments/678792 "2014-01-14T16:37:12Z")\ **Posts on this page:** 4\ **Page:** 1
**Author:** ![Sahirrnee](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sahirrnee/32/13937_2.png) [@Sahirrnee](https://boards.straightdope.com/u/Sahirrnee)\ **Post date:** [January 14, 2014, 4:37pm UTC](https://boards.straightdope.com/t/quarterly-tax-payments/678792/1 "2014-01-14T16:37:12Z")
I’m self employed and well as work as a contractor for another company from which I get a 1099. I’ve never made quarterly estimated payments because until 2012 I never owed anything. Last year I owed a small about because of a job change, fewer business expenses and my son turned 17. This year I should have made quarterly payments but I didn’t. I owe quite a bit more this year along with a $5 penalty. My 2013 taxes are done and I need to file them as quickly as possible. I know the final quarterly payment was due Jan 15 and has been extended to Jan 31. I could send the entire amount on Jan 31 but I’d like to wait a few more weeks. According to the online program I used to complete the return I can send the return in now and send the money later as long as it’s there by April 15. Is that true when you are paying quarterly and what are the consequences if I don’t sent the money by the 31st? ---
**Author:** ![Mr.Greenjeans](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mr.greenjeans/32/551_2.png) [@Mr.Greenjeans](https://boards.straightdope.com/u/Mr.Greenjeans)\ **Post date:** [January 14, 2014, 6:08pm UTC](https://boards.straightdope.com/t/quarterly-tax-payments/678792/2 "2014-01-14T18:08:38Z")
> [@Sahirrnee](#): > > I know the final quarterly payment was due Jan 15 and has been extended to Jan 31. Is that true? I can’t find anything noting an extension for 4Q estimates. (I sent mine off yesterday, thank ya very much.) [This article](http://www.inman.com/2014/01/08/what-the-irss-late-start-processing-some-tax-returns-means-for-you/) notes that the IRS won’t start processing 2013 individual returns until January 31. Then it goes on to note that: > [@](#): > > Another important January tax deadline to keep in mind is Jan. 15, 2014. That’s the day the fourth installment of estimated tax payments for 2013 are due. ---
**Author:** ![dracoi](https://avatars.discourse-cdn.com/v4/letter/d/90db22/32.png) [@dracoi](https://boards.straightdope.com/u/dracoi)\ **Post date:** [January 14, 2014, 6:47pm UTC](https://boards.straightdope.com/t/quarterly-tax-payments/678792/3 "2014-01-14T18:47:34Z")
The payment date of estimates hasn’t changed. If you didn’t pay estimated taxes, what you’re probably looking at is a penalty for under-withholding of income tax. The calculations are complex and provide multiple options, but think of it as if the IRS were charging you 3% interest as your income accrued - so you owe about 1.5% of the final balance due (at most). Paying the 4th quarter estimated payment by 1/15 may give you some benefit, but it will be small because the first three payments were still late. If you wait until 4/15 to pay, the penalty won’t get any worse. After 4/15 all new interest and penalty amounts come into play. Don’t forget that your first 2014 estimated payment is also due 4/15. ---
**Author:** ![Sahirrnee](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sahirrnee/32/13937_2.png) [@Sahirrnee](https://boards.straightdope.com/u/Sahirrnee)\ **Post date:** [January 14, 2014, 7:26pm UTC](https://boards.straightdope.com/t/quarterly-tax-payments/678792/4 "2014-01-14T19:26:28Z")
Thank you. I thought the estimated date had changed as well because of the government shutdown. My penalty for underpayment is $5, just a slap on the wrist.