If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The due date for your second quarter estimated taxes is Monday, June 15, 2026.

Second quarter estimated taxes for 2026

The requirement is to withhold at least 90% of your 2026 tax obligation or 100% of your 2025 tax obligation. If your income is over $150,000 ($75,000 if married filing separate), you must pay 110% of your 2025 tax obligation. These payments will allow you to avoid an underpayment penalty.

A quick look at your 2025 tax return and a projection of your 2026 tax obligation can help determine if a payment is necessary. Here are some other things to consider.

Additional tax considerations

• Avoid an underpayment penalty. If you do not have proper tax withholdings during the year, you could be subject to an underpayment penalty. The penalty can occur if you do not have proper withholdings throughout the year.
• W-2 withholdings have special treatment. A W-2 withholding payment can be made at any time during the year and be treated as if it were made throughout the year. If you do not have enough to pay the estimated quarterly payment now, you may be able to adjust your W-2 withholdings to make up the difference.
• Self-employed workers need to account for FICA taxes. In addition to your income taxes, remember to also account for your Social Security and Medicare taxes. Creating and funding a savings account for this purpose can help you avoid a potential cash-flow hit each quarter when you pay your estimated taxes.
• Don’t forget state obligations. You are often required to make estimated state tax payments if you have to do so for your federal taxes. However, there are exceptions for a few states. Consider reviewing your state obligations to ensure you also comply with these quarterly estimated tax payments.

Contact our RRBB advisors if you have any questions or are ready to take the next step.