Q2 Estimated Taxes Are Due June 15: What You Need to Know

If you’re self-employed, a freelancer, or own a small business, one of the most important tax deadlines of the year is coming up fast: June 15, 2026.

This is your Q2 estimated tax payment deadline, covering income earned from April 1 through May 31. If you’ve been having a good year, or if you owed money last April, this payment matters more than you might think.

Here’s what every self-employed person should understand before June 15.

Why Estimated Taxes Exist

W-2 employees have taxes withheld from every paycheck automatically. Self-employed individuals, business owners, and freelancers don’t. Instead, the IRS expects you to pay taxes as you earn income, spread across four quarterly deadlines throughout the year.

The quarterly due dates for 2026 are: April 15 (Q1), June 15 (Q2), September 15 (Q3), and January 15, 2027 (Q4). Miss these deadlines, and you don’t get a pass at filing time. You get an underpayment penalty, even if you pay your full balance by next April 15.

How Much Should You Pay?

There are two common approaches to calculating estimated payments. The first is the current-year method: estimate your total 2026 income, subtract deductions, calculate the tax owed, and divide by four. This requires a reasonable projection of your income for the year.

The second is the safe harbor method: pay at least 100% of what you owed in taxes last year (or 110% if your prior-year AGI exceeded $150,000), divided across the four quarters. If your payments meet this threshold, you avoid the underpayment penalty regardless of what you actually owe at filing.

For most self-employed people, the safe harbor method is the simpler, lower-risk approach, especially in a year where income is hard to predict.

What Happens If You Miss It?

Missing a quarterly payment, or underpaying, results in an IRS underpayment penalty. This is calculated based on the amount underpaid and the length of the underpayment. It’s not a catastrophic penalty, but it’s entirely avoidable, and it compounds the longer it goes unaddressed.

If you missed the Q1 deadline in April, the time to catch up is now, not in September.

What If You’re Not Sure What You Owe?

This is the most common situation: business income fluctuates, deductible expenses aren’t always tracked carefully, and the math isn’t obvious. A mid-year conversation with your CPA can clarify exactly where you stand and what your Q2 payment should look like.

If you haven’t done a 2026 income projection yet, June is the right time. We can look at your Q1 actuals, project the rest of the year, and help you make a payment that minimizes your April surprise without overpaying now.

One More Thing to Know

Self-employment tax, the 15.3% tax that covers Social Security and Medicare, is separate from income tax and is included in your quarterly estimated payments. It’s easy to underestimate because it doesn’t feel like a traditional “tax” line, but it’s a significant portion of what self-employed individuals owe.

Questions about your Q2 payment? Reach out before June 15. We’re here to help you get it right. Call us at (828) 570-5760.

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This blog post is provided for educational purposes only and does not constitute personalized financial, tax, or investment advice. Tax laws are complex, change frequently, and vary based on individual circumstances. Before implementing any strategies discussed, please consult with qualified financial advisors, tax professionals, or CPAs who can assess your specific situation. This content should not be relied upon as a substitute for professional consultation.