"Who Must Pay

The general rule is you have to pay estimated tax if your withholding doesn't cover 90% of your tax liability. But there are exceptions:

* No estimates are required if the amount due after subtracting withholding and credits will be less than $1,000.
* In general, no estimates are required if your withholding and credits add up to at least as much as your prior year's tax."
http://www.fairmark.com/estimate/est101.htm

"When to Send Payments

For nearly all taxpayers, the due date for the first estimated tax payment of each year is April 15 — the same day the return is due for the previous year. Subsequent payments are due June 15, September 15, and January 15 of the following year. You'll want to note the following points:

* If you owe money with your tax return, and have to make an estimated tax payment, you have two checks to write on April 15. Be prepared!
* Although the payments are "quarterly," they aren't three months apart. The second payment is due just two months after the first one.
* If the regular payment date falls on a weekend or legal holiday you get an extra day or two, until the first day that isn't a weekend day or holiday.
* Like your tax return, the estimated tax payments are considered "on time" if you mail them by the due date.
* Most states require estimated tax payments on the same schedule as the federal payments. Tax tip: If you itemize deductions, it may be to your advantage to make your fourth quarter estimated tax payment in December, not January, so you can deduct it a year earlier.
* A small minority of individual taxpayers use a fiscal tax year that ends with a month other than December. Their payment schedule is different (but equivalent): the 15th day of the fourth, sixth and ninth months of their fiscal year, and the 15th day of the first month of the following fiscal year."
http://www.fairmark.com/estimate/payments.htm
Source(s):
http://www.fairmark.com/estimate/est101.htm

http://www.fairmark.com/estimate/payments.htm


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