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Millions of taxpayers face Monday deadline to pay IRS

Workers who have their taxes deducted by an employer generally won't need to make a payment.
Financial Wellness Tax Tips
Posted at 1:42 PM, Jun 17, 2024

The Internal Revenue Service issued a reminder that taxpayers who don't have their taxes held by their employers have to pay their estimated second-quarter tax payments by the end of the day on Monday or face a penalty.

The IRS requires taxpayers to make such payments four times a year. The first required payment comes on or about March 15, with payments also due around June 15, September 15 and January 15.

The payments are generally required by the self-employed, retirees, investors, businesses, corporations and other individuals who do not have taxes withheld.

To avoid a penalty, the IRS said taxpayers should pay their taxes throughout the year and owe less than $1,000 when filing their return. Some taxpayers are eligible for penalty exemptions, including farmers, fishermen, certain higher-income taxpayers, casualty and/or disaster victims, those who recently became disabled, recent retirees and those who receive income unevenly during the year.

The IRS said taxpayers can use the Tax Withholding Estimator to help ensure that the right amount of tax is being withheld from their paychecks.

Employees who have their taxes taken by an employer and generally get refunds during tax season aren't obligated to make a payment by Monday.