IRS Q2 Estimated Taxes: Who Must Pay by This Monday, June 15?

1. Why Q2 Estimated Taxes Matter for Self-Employed Workers

Unlike traditional employees whose taxes are automatically deducted from every paycheck (W-2), independent workers must pay taxes as they earn income throughout the year. The IRS divides the year into four payment periods, and Q2 covers all net income earned between April 1 and May 31. If you operate under any of these categories, you are likely required to pay:

Sole Proprietors & 1099 Contractors: Construction workers, gardeners, cleanings services, and freelancers.

Partnerships & LLC Members: Business partners who receive profits that are not subject to withholding.

S Corporation Shareholders: Owners receiving distributions of corporate profits.

2. The $1,000 Rule: Do You Need to Make a Payment?

The IRS does not wait until next year to collect your taxes. If you wait until you file your annual tax return in April to pay, you will face automatic underpayment penalties. You generally must make quarterly estimated payments if:

IRS Underpayment Penalties

Waiting until tax season to pay can cost you hundreds of dollars in interest. The IRS charges interest on what you owed each quarter. To avoid penalties, ensure:

✔ You expect to owe at least $1,000 in federal tax for 2026 after withholding.
✔ Your withholding/payments cover at least 90% of your current tax or 100% of last year's tax.
✔ You make the payment on or before the Q2 deadline: Monday, June 15, 2026.

Q2 Taxes Due Monday? We Calculate It For You!

Don't guess what you owe and risk audits or IRS penalties. At Carol's Services LLC, we organize your accounting, calculate your net business profit, and file your estimated payment before the deadline.

Schedule Yout Appointment

⚡ Walk-ins Welcome!