Question

Self-employed people can wait until April 15 of the following year to pay all the taxes that were due for a given year. true or false

Answer 1

Answer :

False

A Self-employed people can not wait until April 15 of the following year to pay all the taxes that were due for a given year.

The IRS says you to make payment of your estimated tax liability on estimated income on quaterly basis. Under normal circumstances, quaterly estimated tax payments for tax year due on April 15, June 15 and September 15 of current year, with the final payment due on January 15 of next year.

Hence, a taxpayer can not wait until April 15 to pay all the taxes. A taxpayer can pay his taxes earlier than April 15.