Intuit Academy Tax Practice Exam

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Prepare for the Intuit Academy Tax Exam with targeted quizzes. Utilize flashcards, detailed explanations, and practice multiple choice questions to ensure success and confidence on test day!

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What are the due dates for Andrew's estimated tax payments?

April 15, June 15, September 15, January 15
March 15, June 30, September 30, December 15
January 15, February 15, July 15, October 15
April 1, July 1, October 1, January 1

The correct answer is: April 15, June 15, September 15, January 15

The due dates for estimated tax payments are typically April 15, June 15, September 15, and January 15 of the following year. This schedule is based on the IRS guidelines for individual taxpayers who are required to make estimated tax payments to avoid underpayment penalties. The first payment is due on April 15, corresponding to the end of the first quarter of the tax year, and each subsequent payment aligns with the end of the following quarters until the final payment, which is due on January 15 of the next year. Understanding these dates is crucial for taxpayers who expect to owe tax on their income that is not subject to withholding, such as self-employment income or investment income. Making timely estimated tax payments helps taxpayers stay compliant with IRS regulations and manage their tax liability effectively.