If you make quarterly estimated income tax payments, don’t forget—the deadline for your second quarter 2025 federal and state payments is Monday, June 16. (Because June 15 falls on a Sunday, the due date shifts to the next business day.)
Estimated tax payments are especially important if you’re self-employed, earn substantial investment income, or anticipate owing more than your prior year’s tax liability after withholding. These payments help spread your income tax obligations throughout the year, reducing the risk of interest charges or underpayment penalties at tax time.
Federal payments can be submitted easily through IRS Direct Pay or EFTPS, and most states—including New Jersey and New York—offer similar electronic options for convenience and speed.
We understand that making estimated payments four times a year isn’t anyone’s favorite task. But skipping or delaying them—even if you ultimately pay your full tax bill in April—can lead to unnecessary penalties and added costs.
The good news: There may be alternative strategies to manage your tax payments more efficiently. Some are simple to implement, even mid-year, and may help you avoid penalties altogether.
We’ll be sharing more details in an upcoming email. In the meantime, if you’d like to explore whether a different approach could work for you, feel free to call the office. Our wealth advisors are happy to talk it through.
