Estimated Taxes Are Due June 16: How to Prep for the Q2 Deadline
If you’re self-employed, a freelancer, or running your own business in Los Angeles, mark your calendar — your second quarterly estimated tax payment for 2025 is due on Monday, June 16 (since June 15 falls on a weekend this year). Estimated taxes help you stay on top of your IRS obligations throughout the year and avoid large tax bills — or penalties — come tax season.
As your trusted Tax Accountant Los Angeles, Velin & Associates, Inc. is here to break down what you need to know to stay compliant and financially prepared.
Who Needs to Pay Estimated Taxes?
You generally need to make estimated tax payments if you expect to owe at least $1,000 in federal tax for the year and you don’t have enough tax withheld from other sources of income. This applies to:
- Freelancers and independent contractors
- Self-employed individuals
- Small business owners
- Real estate professionals
- Doctors, dentists, creatives, and consultants
- S-corp shareholders and partners who receive K-1 income
What Does the Q2 Payment Cover?
Quarterly estimated taxes are not based on actual earnings from each quarter, but rather on dividing your full-year tax liability into four equal payments.
Q2 covers April 1 through May 31, 2025.
You can calculate your estimated tax by projecting your total income, deductions, and credits for the year, then dividing that total tax liability into four installments. If your income fluctuates, we recommend a more dynamic calculation based on actual earnings through the end of May.
How to Estimate Your Tax
Here’s what to gather:
- Year-to-date profit & loss statement
- 2024 tax return (as a baseline)
- Self-employment tax estimates
- Any withholding from W-2s or other sources
Form 1040-ES provides worksheets, but most self-employed individuals benefit from working with a CPA Los Angeles to ensure accuracy and avoid overpayment or underpayment.
How to Pay
The IRS offers multiple payment options:
- IRS Direct Pay (no fee)
- EFTPS (Electronic Federal Tax Payment System)
- IRS2Go mobile app
- Check or money order (mail Form 1040-ES)
- Credit/debit card (may include processing fees)
Set reminders — missing the June 16 deadline can result in penalties and interest.
Why It Matters
Not paying enough in estimated taxes throughout the year can lead to IRS penalties — even if you pay your total tax bill by April 15 next year. Making your estimated payments on time helps you:
- Stay compliant
- Avoid cash flow surprises
- Budget more effectively
- Reduce risk of IRS scrutiny
Need Help Calculating or Paying Estimated Taxes?
At Velin & Associates, Inc., we provide tailored support for self-employed professionals and small businesses across Los Angeles. Whether you’re unsure how much to pay, when to pay, or how to adjust for income changes — we’ve got your back.
📞 Call us: 323-902-1000
📧 Email: dmitriy@losangelescpa.org
🌐 Visit: www.losangelescpa.org
Let’s make Q2 painless — reach out today and stay ahead of your taxes.
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.