The Illinois Department of Revenue is reminding taxpayers who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.
Income taxes are pay-as-you-go. This means, by law, taxes must be paid as income is earned or received during the year. Most people pay their taxes through withholding from paychecks, pension payments, Social Security benefits or certain other government payments including unemployment compensation. For more details about who is required to make estimated payments, see the estimated payment webpage and the information below.
How do I calculate the amount of the estimated payment due for tax year 2021?
The 2021 Form IL-1040-ES, Estimated Income Tax Payments for Individuals, can help taxpayers estimate their first quarterly tax payment. Taxpayers will not be assessed a late estimated payment penalty if the amount of the timely-paid installments equals 90% of actual liability for 2021, or 100% of actual liabilities for 2019 or 2020.
Note: If you plan to base your estimated payments on a previous year’s actual liability and have filed your 2020 return, we encourage you to use your actual liability for 2020.
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