Estimated Taxes: June 16 is the Last Day to Pay!
- Steven Thompson
- Jun 11
- 3 min read
Business owners, freelancers, independent contractors, and self-employed professionals, next Tuesday, June 16, is the due date for your second quarterly estimated tax payment for 2026.
At Piece of Mind Bookkeeping, we know tax deadlines aren't always at the top of your to-do list when you're busy running a business. That's why we believe a little planning now can help you avoid unnecessary stress later.
Keep reading to learn more.
Estimated Tax Payments: Who Needs to Pay
Estimated tax payments are generally required if you expect to owe at least $1,000 in taxes when you file your return and your taxes are not fully covered through withholding.
This commonly applies to:
Self-employed business owners.
Independent contractors.
Freelancer and gig workers.
Consultants.
Landlords with rental income; and
Individuals receiving significant investment income.
The IRS divides the year into quarterly payment periods, and the second estimated payment covers income earned during April and May. This year, the payment is due on June 16.
Why This Deadline Matters
While the taxpayers identified above often assume they can pay what they owe when they file their end-of-year tax return, the IRS operates on a "pay-as-you-go" system.
If enough tax isn't paid throughout the year, you may face:
Underpayment penalties.
Interest charges.
An unexpected tax bill next spring.
Cash flow challenges when tax season arrives.
Making estimated payments helps spread your tax obligation throughout the year and reduces unwanted surprises.
Estimated Tax Payments: 5 Steps to Prepare
Keeping current bookkeeping records makes this process much easier and far more accurate. Unsure whether you're on track? Review your finances now and consider the following:
Review your year-to-date income.
Compare current earnings to last year's results.
Estimate your projected tax liability.
Set aside funds regularly for taxes.
Work with your bookkeeper or tax professional to calculate accurate payments. Need help? Reach out to us today!
Estimated Tax Payments: Ways to Pay
The IRS offers different payment options, including:
IRS Direct Pay.
IRS2Go mobile app.
Debit or credit card payments.
Additional Helpful Resources
For additional guidance on estimated taxes, check out these trusted resources:
IRS Form 1040-ES: Estimated Tax for Individuals.
IRS Tax Calendar.
The "Bottom Line"
If estimated tax payments always seem to sneak up on you, please know you're not alone!
Piece of Mind Bookkeeping understands how stressful it can be to keep your financial records up to date for calculating your estimated quarterly business taxes. We are here to help you stay ahead of deadlines, understand your numbers, and focus on what you do best: running your business..
At Piece of Mind Bookkeeping, we’ll keep your business organized, on track, and tax-ready each quarter so you can avoid penalties and interest charges on late tax payments (even if you eventually pay your taxes in full).
About the Author
Steven Thompson
Founder, Piece of Mind Bookkeeping
Steven brings over a decade of experience in bookkeeping, tax preparation, and financial advisory services. He specializes in helping small businesses (particularly in the pet services and veterinary space) simplify finances so they can grow with confidence.
When he’s not balancing budgets, Steven is exploring his adopted country of Brazil, playing with his dogs, or working on personal development, such as learning yoga.
Connect with Steven:
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