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When Are 2021 Q2 Estimated Taxes Due?

The tax system in the U.S. is “pay as you go,” so estimated taxes are due on a quarterly basis. The expectation is that each taxpayer will pay their estimated income and self-employment taxes due for the most recently-completed calendar quarter.   

The due date for the second quarter’s taxes, covering the period of April 1 through May 31, 2022, is June 15, 2022

If you believe you owe quarterly estimated taxes, you can use IRS Form 1040-ES. You will need to calculate your estimated adjusted gross income for the year, your taxable income, estimated deductions, and credits in order to arrive at your estimated payment amount. 

It can help to use your last tax return as a guide to help determine these numbers, adjusting your estimated income amount for the year based on current projections. In the event you estimate too high or too low, you can adjust the calculations and quarterly remittance for the third quarter to compensate.

There are several ways you can remit your second quarter estimated tax payment. First, you can print and mail your 1040-ES form with a check. If you would rather pay online, you can do so using your bank account or with a credit or debit card (fees may apply). Another option is to pay using your phone or tablet using the IRS2Go app.

You could also use the IRS Electronic Federal Tax Payment System (EFTPS) to make federal tax deposits, installment agreement payments (if applicable), and quarterly estimated tax payments. In fact, you can use the EFTPS system to pay your estimated taxes more frequently than quarterly, making payments on a weekly, bi-weekly, monthly, or another periodic basis which may help some taxpayers with budgeting.

It may be tempting to put off paying your quarterly estimated taxes, thinking you will simply pay all of your taxes when you file your 2022 tax return next year. This, however, could be a costly mistake. If you do not pay enough throughout the year, through tax withholding from an employer’s wages or estimated tax payments directly to the IRS, you could be subject to underpayment penalties.

If, after factoring in taxes withheld and estimated payments, you owe less than $1,000 when filing your 2022 tax return or if the amount you paid was at least 90% of the taxes you owe for 2022 or 100% of the taxes owed for 2021, you will not face an underpayment penalty. Other limited exceptions may apply, including penalty waivers related to casualty losses, disasters, or other unusual circumstances that make the penalty inequitable, or if the underpayment was due to your retirement or disability and not willful neglect.

Contact Clergy Financial Resources to help you with the next steps.

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Maple Grove, MN 55369

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Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.

This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.

For more information or if you need additional assistance, please use the contact information below.

Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369

Tel: (888) 421-0101 
Fax: (888) 876-5101
Email: clientservices@clergyfinancial.com

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If you would like to learn more about our tax services designed for clergy or payroll, bookkeeping or HR designed for churches, please complete the request form to have an advisor contact you.

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