IRS New Release: IR 2023-242:IRS reminds taxpayers, Jan. 16 due date for final 2023 quarterly estimated tax payments
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WASHINGTON — The Internal Revenue Service today reminded taxpayers who didn't pay enough tax in 2023 to make a fourth quarter tax payment on or before Jan. 16 to avoid a possible penalty or tax bill when filing in 2024.
Taxes are normally paid throughout the year by withholding tax from paychecks, by making quarterly estimated tax payments to the IRS or by a combination of both. This is done because taxpayers need to pay most of their tax during the year as income is earned or received.
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