When Are Quarterly Reports Due? Tax Deadlines

Quarterly reports serve as fundamental components of the tax and financial reporting systems in the United States. These periodic submissions ensure a consistent flow of information and tax revenue throughout the year, rather than concentrating all obligations at a single annual deadline. They apply to various entities, from individuals with certain types of income to businesses with employees, reflecting a “pay-as-you-go” approach to taxation.

Individual Estimated Income Tax Deadlines

Many individuals earn income not subject to standard tax withholding, such as self-employment income, gig economy earnings, interest, dividends, or capital gains. These individuals often pay estimated income taxes quarterly to fulfill their tax obligations throughout the year. The Internal Revenue Service (IRS) mandates these payments if an individual expects to owe at least $1,000 in federal tax for the year, after accounting for any withholding and refundable credits.

Estimated tax payments are generally due on specific dates: April 15th for income earned from January 1st to March 31st, June 15th for income earned from April 1st to May 31st, and September 15th for income earned from June 1st to August 31st. The final payment for the tax year, covering income earned from September 1st to December 31st, is due on January 15th of the following calendar year. If any of these dates fall on a weekend or holiday, the deadline shifts to the next business day. Payments are typically submitted using Form 1040-ES, Estimated Tax for Individuals.

Missing these payment deadlines or underpaying estimated taxes can lead to penalties. The IRS may impose an underpayment penalty, even if a taxpayer is due a refund when filing their annual return. This penalty applies if less than 90% of the current year’s tax liability or 100% of the prior year’s tax (110% for certain higher-income taxpayers) was paid through withholding or estimated payments. Penalties are calculated based on the amount of underpayment, the duration of the underpayment, and prevailing quarterly interest rates.

Business Payroll Tax Deadlines

Businesses with employees are responsible for federal payroll taxes, which include Social Security and Medicare taxes (collectively known as FICA taxes), along with federal income tax withheld from employees’ wages. Both employers and employees contribute to FICA taxes, while employers are also responsible for federal unemployment tax (FUTA). These taxes fund government programs like Social Security and Medicare.

Employers must generally report these payroll taxes quarterly using Form 941, Employer’s Quarterly Federal Tax Return. The filing deadlines for Form 941 are April 30th for the first quarter (January through March), July 31st for the second quarter (April through June), October 31st for the third quarter (July through September), and January 31st of the following year for the fourth quarter (October through December).

While Form 941 is filed quarterly, the actual deposit of payroll taxes can occur more frequently. Businesses determine their deposit schedule (monthly or semi-weekly) based on their total tax liability during a lookback period. For instance, monthly depositors remit taxes by the 15th day of the following month, while semi-weekly depositors have more specific schedules tied to their paydays. Failure to file Form 941 on time or to deposit payroll taxes by their due dates can result in penalties, which can be a percentage of the unpaid tax for each month or part of a month the return or payment is late.