The IRS is reminding taxpayers who make quarterly estimated tax payments that the payment for 3Q is due on September 15, 2020.
Taxpayers who receive income that is not subject to tax withholding must pay estimated taxes to the IRS every quarter, unless they expect to owe less than $1,000.
These taxpayers include individuals with income from interest, dividends, capital gains, alimony and rental income. Sole proprietors, partners and S corporation shareholders, also generally make quarterly estimated tax payments.
If a taxpayer underpaid their taxes, they may have to pay a penalty. This applies whether they paid through withholding or through estimated tax payments. A penalty may also apply for late estimated tax payments even if someone is due a refund when they file their tax return.
For additional information visit: Estimated Tax Payments
You can track your quarterly payments to the IRS if you open an account at: IRS View Your Tax Account.
Then then click on View Payment Activity to verify that the IRS has received and credited your tax payments.
Free Tax Assistance
Taxpayers can get free tax preparation software or services if they have low income or simple tax returns.
Turbotax and H&R Block have free tax preparation programs, and the IRS offers free tax preparation if your income is below $69,000. You can find the free tax preparation services at: