youth baseball program, and are currently seeking sponsors to help defray the cost of our upcoming. season. As you know, it takes a great deal of time and money to organize and run a baseball team. Monies are needed to cover league fees, umpire fees, field rental, field maintenance, team.
You should pay taxes on the earnings from each quarter after the quarter has ended. However, the quarters arenât equal â donât let the June deadline surprise you. Estimated tax payment deadlines are below: First Quarter (January 1 to March 31): Estimated taxes due April 18, 2016.
Do I need to make estimated tax payments to the IRS? Our tax system is pay-as-you-go, which means you're supposed to pay tax on your income as it comes rolling in. If you're earning wages or a salary, your employer or payroll department takes care of that by withholding taxes from each paycheck. But if you receive income that doesn't come from an employer, it's up to you to make estimated tax payments on that income if you want to avoid possible underpayment penalties.