When are Q2 estimated taxes due for self-employed individuals?
The U.S. tax system operates on a “pay-as-you-go” basis, which means you must pay income and self-employment taxes as you earn income throughout the year. To stay compliant, the IRS requires self-employed taxpayers to make quarterly estimated tax payments based on their earnings from each quarter.
For most self-employed individuals, the second-quarter estimated tax payment is due on June 15.
However, taxpayers who live or operate a business in areas affected by declared disasters—such as severe storms, floods, or wildfires—may qualify for automatic IRS extensions. In these cases, your Q2 estimated payment may not be due until the extended date listed in the IRS disaster relief notice for your region.
The IRS regularly publishes and updates these disaster-related extensions on its Disaster Relief page.
How to calculate and pay Q2 estimated taxes
To calculate your estimated quarterly payment, use IRS Form 1040-ES, which includes a worksheet to help determine how much you owe. You’ll need to estimate your adjusted gross income (AGI), taxable income, deductions, and credits for the year.
You can use your previous year’s tax return as a starting point, then adjust your income projections to reflect your current earnings. If your income changes, you can update your calculations and adjust your third-quarter payment accordingly.
Ways to pay your second-quarter estimated taxes
You can pay your estimated taxes using one of several IRS-approved methods:
- Mail: Print and mail your Form 1040-ES voucher with a check or money order.
- Online: Use IRS Direct Pay (from your checking or savings account) or by credit/debit card (processing fees may apply).
- Mobile: Make payments using the IRS2Go app on your phone or tablet.
- EFTPS: The Electronic Federal Tax Payment System (EFTPS) lets you schedule payments in advance or make them more frequently—weekly, biweekly, or monthly—depending on your cash flow.
Tip: Many self-employed individuals set up recurring EFTPS payments to ensure they never miss a quarterly deadline.
What happens if you don’t pay your estimated taxes?
If you delay paying or underpay your estimated taxes, you may face an underpayment penalty. The IRS expects taxpayers to pay taxes as income is earned—either through withholding or estimated payments.
Generally, you will not face a penalty if:
- The total tax you owe after credits and withholding is less than $1,000, or
- You’ve paid at least 90% of your current year’s tax liability or 100% of your prior year’s total tax.
The IRS may also waive penalties if the underpayment was caused by a casualty, disaster, or other unusual circumstance, or if you retired or became disabled during the year and the underpayment wasn’t due to willful neglect.
Plan ahead to meet your quarterly estimated payment obligations
Staying on top of quarterly estimated taxes can be challenging, especially for self-employed individuals managing multiple responsibilities. In addition to federal taxes, keep in mind that some states and localities may require quarterly estimated payments as well, and those deadlines can differ.
To avoid missed payments and penalties, set calendar reminders for each estimated tax deadline and review your income periodically to ensure your payments remain accurate.
If you’re unsure whether you must make estimated tax payments—or want guidance tailored to your specific situation—reach out to a Rocket Legal Pro for fast, affordable legal and tax help.
Please note: This page offers general legal information, not but not legal advice tailored for your specific legal situation. Rocket Lawyer Incorporated isn't a law firm or a substitute for one. For further information on this topic, you can Ask a Legal Pro.
