The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

What happens when you miss an estimated tax payment

An increasing number of Americans have discovered the benefits of self-employment. A recent study found that approximately 16 million Americans enjoy self-employment, which means they must make estimated tax payments throughout the year. 

For other jobs, people receive paychecks with taxes already taken out. Self-employed individuals simply receive payments from an employer with no taxes deducted. While this results in more money in the short-term, it means self-employed workers have remain cognizant of when they must pay taxes. You still have to submit tax returns by April 15th, but you also need to send in payments on April 15th, June 15th, September 15th and January 15th of the following year. It is easy to miss a payment, especially if you just started self-employment. You could face penalties for missing a payment, so here is what you should do in the aftermath. 

Make the payment as soon as possible

You may have missed your June 15th payment. A lot of people assume that they can simply make up for it in September, but your penalty increases each day you miss it. Instead of waiting, you should send in the additional funds as close to the deadline as you can. You may also need to talk with a professional tax accountant about other repayment options for your situation. 

Avoid missed payments at all costs

It is easiest to avoid missing a payment in the first place. You should mark on your calendar when you have to pay taxes and set reminders on your phone. The IRS now allows self-employed taxpayers to submit payments online, so you do not even have to worry about sending in a physical copy of your taxes. It only takes a few minutes to submit online. You will only have to supply information related to your taxes for the previous year, so the IRS knows who you are. 

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
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