So, for example, if you didn't have any taxable income in 2021 until July, you didn't have to make an estimated tax payment until September 15, 2021. You don't have to make estimated tax payments until you have income on which you will owe tax. You should also recalculate if your own personal situation changes or if there are tax law changes that can affect your tax liability for the year. Likewise, if your estimate is too low, go to the Form 1040-ES worksheet again to readjust your next estimated tax payment. If your estimate is too high, just complete another Form 1040-ES worksheet to recalculate your estimated tax for the next payment. SEE MORE Tax Changes and Key Amounts for the 2021 Tax Year What you ultimately want is an estimate of the income you expect to earn for the year. You can also look at your previous year's tax return for a general guide. Start by figuring your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year – there's a worksheet to help you out in the instructions for Form 1040-ES. Use Form 1040-ES to calculate your estimated tax payments.
( Note: Even though last year's income tax return filing deadline was moved from April 15 to May 17, the due date for the 2021 first quarter estimated tax payment was not pushed back.) Calculating Your Estimated Tax Payments SEE MORE What Are the Income Tax Brackets for 2021 vs. You don't have to make the payment due January 18, 2022, if you file your 2021 tax return by January 31, 2022, and pay the entire balance due with your return.
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