September 15 is a critical date for millions of taxpayers as the IRS requires quarterly estimated tax payments on income that isn't automatically subject to federal withholding—such as self-employment earnings, investments and side income.

These payments are common for self-employed individuals, freelancers, investors and businesses. They can also apply to W-2 employees if their employer withholdings are not enough to cover their full tax bill.

Missing these deadlines can result in penalties and interest, even if a taxpayer is otherwise eligible for a refund when filing their return.

Who Needs To Pay?

Quarterly estimated tax payments apply to individuals and businesses whose income is not fully covered by withholding. This often includes 1099 workers—such as freelancers and contractors

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