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Note that the due dates for state estimated taxes varies from state to state. While most follow the federal schedule, some deviate. In Virginia, for example, the first estimated tax payment for a given tax year falls on May 1, not April 15. The due dates for the other quarters in Virginia follow the federal calendar. According to the IRS, you must pay estimated taxes if you expect to owe tax of $1,000 or more and you file as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual. If you file as a corporation, you generally must pay estimated taxes if you expect the corporation to owe at least $500. You do not have to make estimated tax payments until you have income on which you will owe income tax. If you have income subject to estimated tax during the first payment period, you must make your first payment by the due date for the first payment period. You have several options when paying estimated taxes. For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. Tax Due 2014 Returns. If you are required to file a Virginia individual tax return and have a tax due liability, payments must be received on or before May 1, 2015. If you are filing an extension with Virginia, 90% of your tax liability must be paid by May 1, 2015 to avoid an extension penalty. If you owe a debt to the Virginia Department of Taxation or to any other state agency, local government, the Virginia court system, or the Internal Revenue Service, your refund can be held to pay the debt. If you are required to file a tax return and your Virginia income tax liability, after subtracting income tax withheld and any allowable credits, is expected to be more than $150, then you must make estimated tax payments or have additional income tax withheld throughout the year from your wages or other income. The number and amount of estimated income tax payments you may need to make are based on when during the tax year you became liable for paying your state income tax directly to the Department of Taxation. For example: If your estimated tax liability is less than $600; in other words, if your estimated tax reduced by your tax withheld is less than $600, no penalty will be imposed.2. If you prepay, through tax withholding and estimated tax payments, one hundred percent of the tax shown on your return for the preceding year. Current year quarterly installments are typically due April 15, June 15, and September 15 with the fourth quarter due January 15 of the following year. If the due date falls on Saturday, Sunday, or a legal holiday, the payment is due the next business day. File form 760ES for the fourth quarter even though this is a one time payment. If you filed a Virginia income tax return for any of the last seven taxable years, you can file and pay your current year estimated tax payments online at VATAX Online Services for Individuals. If you owe a debt to the Virginia Department of Taxation or to any other state agency, local government, the Virginia court system, or the Internal Revenue Service, your refund can be held to pay the debt. When to pay estimated taxes. You must pay estimated taxes every quarter on a specific date. The official due dates are January 15, April 15, June 15 and September 15. If one of these dates follow on a weekend or federal holiday, however, the date slips to the next day that is not a weekend or federal holiday. According to the IRS, you must pay estimated taxes if you expect to owe tax of $1,000 or more and you file as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual. If you file as a corporation, you generally must pay estimated taxes if you expect the corporation to owe at least $500. If you're expecting a tax refund, you will not face any late tax return filing penalties from the IRS, but you must file your return within 3 years of the original tax return due date in order to claim your refund. The 2015 Federal and State Tax Deadlines (for Tax Year 2014) are on the table below. Start for Free. Sign in to your return. Start Tax Return Sign In. Tax Day by Tax Year - 2015 Tax Due Dates and Filing Deadlines for 2014 Tax Returns Important: Though the April 15 deadline has past, you can still prepare and efile your 2014 tax return by October 15, 2015 (and pay as much taxes owed as you can). You must make quarterly estimated tax payments if your estimated tax liability (your estimated tax reduced by any state tax withheld from your income) is at least $600, unless that liability is less than ten percent of your estimated tax. Current year quarterly installments are typically due April 15, June 15, and September 15 with the fourth quarter due January 15 of the following year. If the due date falls on Saturday, Sunday, or a legal holiday, the payment is due the next business day. You may not be required to file a Virginia income tax return or make estimated tax payments depending on your filing status and estimated annual income. Review Who Must File to see the income-threshold requirements. The number and amount of estimated income tax payments you may need to make are based on when during the tax year you became liable for paying your state income tax directly to the Department of Taxation. For example:
http://www.doughroller.net/taxes/quarterly-estimated-taxes-due-dates-and-payment-strategies/ https://www.irs.gov/publications/p505/ch02.html http://www.tax.virginia.gov/content/individual-faq2 http://www.tax.virginia.gov/content/individual-estimated-tax-payments http://www.state.wv.us/taxrev/forms/it140esi.pdf http://www.tax.virginia.gov/content/individual-faq2 http://www.doughroller.net/taxes/quarterly-estimated-taxes-due-dates-and-payment-strategies/ http://www.efile.com/tax-day-deadlines/ http://www.state.wv.us/taxrev/forms/it140esi.pdf http://www.tax.virginia.gov/content/individual-estimated-tax-payments
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