June 15th: Deadline for 2nd Quarter Estimated Tax Payments

It's time to pay those estimated taxes again. The deadline for making your second quarter estimated payment is June 15, 2005. One common question I hear quite often: can I skip one quarter and make it up by doubling my payment in the next quarter? As with most tax questions, the answer depends on your unique situation. If your income fluctuates from quarter to quarter, you certainly can vary your estimated payments. But if your income is fairly steady over the year, your estimated payments should likewise be consistent. Remember: the whole point of paying estimated taxes is so you don't have to pay a huge tax bill at the end of the year.