(NEXSTAR) – The September deadline to make an estimated tax payment is fast approaching, but taxpayers living in designated disaster zones across the U.S. will be granted an automatic delay, according to the IRS.
For people who don’t have an employer withholding part of their paychecks for taxes, Sept. 16 marks the deadline to make an estimated payment to the IRS. Taxpayers who fall into that category can include the self-employed, retirees, investors, businesses and corporations, among others.
“Taxpayers who underpay their taxes may have to pay a penalty regardless of whether they paid through withholding or through estimated tax payments,” the IRS warns. “Late and skipped estimated tax payments can incur penalties even if a refund is due when a tax return is filed. “
A good rule of thumb, the IRS says, is that taxpayers should make estimated payments if they expect:
- To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits.
- Their withholding and tax credits to be less than the smaller of:
- 90% of the tax to be shown on their 2024 tax return or
- 100% of the tax shown on their complete 12-month 2023 tax return.
Detailed guidance is available on the IRS website.
A reprieve for taxpayers in disaster areas:
Taxpayers living in disaster areas across 17 states, Puerto Rico and the Virgin Islands may automatically receive more time to make a payment, but the new deadline will vary based on the extent of the destruction and the locality.
Here are the current deadlines, as of Sept. 5:
- Taxpayers in parts of Arkansas, Iowa, Mississippi, New Mexico, Oklahoma, Texas and West Virginia have until Nov. 1, 2024, to make their estimated tax payment and
- Taxpayers in all or parts of Florida, Georgia, Kentucky, Minnesota, Missouri, North Carolina, Puerto Rico, South Carolina, South Dakota, Texas, Vermont and the Virgin Islands have until Feb. 3, 2025, to make their estimated tax payment.
See more information on how to make a payment on the IRS Payments page.