Estimated Tax Payments Due September 17

Estimated tax payments are due on Monday, September 17th. It's easy to schedule your tax payments electronically using the Treasury Department's Electronic Federal Tax Payment System, available online at EFTPS.gov.

You must pay your taxes if you expect to owe at least $1,000 in taxes for the 2007 tax year, after taking into consideration your tax withholding and any tax credits for which you are eligible. You should pay in enough to avoid the estimated tax penalty. To do so, make sure your tax payments, including withholding, covers at least 100% of your 2006 tax liability or 90% of your 2007 tax liability. The current penalty is set at 8% on the underpayment amount. For additional information, see IRS Publication 505, Tax Withholding and Estimated Tax.