Hey Abe! I am a lease operator, and I know that I’m required to pay my taxes in quarterly estimates. Do I have to file anything for this?
Great question! Here’s the good news: While you are required to pay these quarterly estimates, you do not need to file any quarterly state or federal tax returns. Only the payment is required, no paperwork! The 2025 quarters and payment due dates for these estimates are listed below:
1st Quarter: January 1 – March 31, 2025.
Payment Due: April 15, 2025.
2nd Quarter: April 1 – May 31, 2025.
Payment Due: June 16, 2025.
3rd Quarter: June 1 – August 31, 2025.
Payment Due: September 15, 2025.
4th Quarter: September 1 – December 31, 2025.
Payment Due: January 15, 2026.
What happens if you don’t make quarterly payments:
If you skip or underpay a quarterly estimate, the IRS may charge penalties and interest, even if you expect a refund when you file your return. To avoid this, aim to pay enough throughout the year using the IRS safe harbor rule: either 100% of last year’s total tax liability or 90% of what you expect to owe this year, split evenly across the four quarters.
How to make quarterly payments:
There are several ways to pay: online through IRS Direct Pay or the Electronic Federal Tax Payment
System (EFTPS), or by mailing a check with a 1040-ES voucher. Some states require separate estimated payments, so be sure to check your state’s guidelines too. As ana Abacus client, we can help you make
payments accurately and on time.
If you’re unsure of how or what you should pay, Abacus can provide you with recommendations on what to pay each quarter, and we can even make payments on your behalf!
For more information about quarterly estimates, give Abacus a call at (417) 380-5000 or email us at
transportation@abacuspro.com.
