Mark your calendars for this important date, Sept. 15, if you must make quarterly estimated tax payments. That’s the due date for the third estimated tax payment for 2023.
Who must pay estimated tax? Generally, those who have taxable income that isn’t subject to withholding must make payments if they expect to owe tax of $1,000 or more when they file their tax returns. Estimated payments are used to pay not only income tax, but also self-employment taxes. With the rise of the gig economy, more people, such as rideshare drivers, are now required to make estimated tax payments.