Final Installment of 2020 Estimated Tax

Today is the due date for the fourth installment of federal estimated taxes for 2020 (state estimated taxes may also be due) for individuals, although there are extended deadlines for victims of certain disasters (e.g., March 1, 2021, for victims of Hurricane Zeta). Self-employed high earners should take into account the 0.9% additional Medicare tax. Pay estimated taxes by check, credit/debit card, direct transfer from a bank account, or through EFTPS Online (www.eftps.gov). #IdeaoftheDay