June 15 Estimated Tax Deadline: How to Figure Your Q2 Payment
· RKube Services
The Q2 estimated payment is due June 15, 2026, just two months after Q1. Here's how to size it using your books, safe harbor rules, and annualizing.
The second estimated payment always sneaks up on people. You just made your April 15 payment, filed (or extended) your return, and then there's another one due before summer really starts. For 2026, the Q2 federal estimate is due Monday, June 15.
The Q2 "quarter" also only covers two months, April and May. If your income moved a lot this spring, the amount you paid in April may not be the right amount now.
Source: IRS: Estimated Taxes
Start With the Safe Harbor
For most individuals, you generally won't owe an underpayment penalty if your withholding and timely estimates add up to the smaller of:
- 90% of your 2026 tax, or
- 100% of your 2025 tax (110% if your 2025 adjusted gross income was over $150,000, or $75,000 if married filing separately)
The prior-year option is the easy one because you already know the number. Take last year's total tax, apply 100% or 110%, divide by four, and pay that each quarter. If your income is climbing, this is often the simplest way to stay penalty-free, though you'll still owe the difference when you file.
Source: About Form 1040-ES
Using Your Year-to-Date Books
If you want to pay closer to what you'll actually owe, or if this year looks very different from last year, your bookkeeping is the starting point. You need a reasonably clean profit and loss through May 31. That means bank and card accounts reconciled, income recorded, and no pile of uncategorized expenses sitting in a suspense account.
From there, estimate full-year profit, estimate the tax on it (income tax plus self-employment tax if you're a sole proprietor or partner), subtract any withholding, and see where you stand against what you've already paid.
When Income Is Uneven: Annualizing
Seasonal businesses and people with one big contract early or late in the year often get stuck. Equal quarterly payments assume income arrives evenly. If most of your income lands in the fall, paying a quarter of the year's tax in April and June can feel backwards.
The IRS allows the annualized income installment method. Instead of four equal payments, each installment is based on income actually earned through the end of that period, annualized. For the second installment, the period runs January 1 through May 31, and that income is multiplied by 2.4 to project a full year.
Example
A landscaping business owner has $30,000 of net profit from January through May. Most of his income comes June through October.
- Annualized income: $30,000 × 2.4 = $72,000
- Suppose the estimated tax on $72,000 of annualized income, including self-employment tax, works out to roughly $14,000 (a simplified assumption for this example)
- By the second installment, the cumulative required payment is 45% of that annualized tax: $14,000 × 45% = $6,300
- If he already paid $2,500 in April, his Q2 payment would be about $3,800
Later installments rise as income comes in. The catch is that you have to show the calculation on Schedule AI of Form 2210 when you file, so you need good monthly records to support it. That's where clean books pay for themselves.
Source: About Form 2210, Underpayment of Estimated Tax
What Happens If You Underpay?
The underpayment penalty works like interest. It's calculated separately for each installment, based on how much was short and for how long, at a rate the IRS sets each quarter. Underpaying in June and catching up in September means the June shortfall only accrues for those months. It isn't a one-time flat fine, so paying late is still better than not paying.
Don't forget your state. Many states, including North Carolina, have their own estimated tax requirements that generally follow a similar schedule.
How RKube Helps
- Close and reconcile your books through May so your numbers are real, not guesses
- Compare the safe-harbor amount against a projection from your actual year-to-date profit
- Run the annualized calculation if your income is seasonal or lumpy
- Set reminders and recalculate before each remaining deadline
If you're not sure what to send by June 15, call us at (984) 234-7030, or try our bookkeeping free for 30 days: https://rkubeservices.com/campaign
Final Thoughts
You don't need a perfect projection to make a good Q2 payment. Use the prior-year safe harbor if you want simple, use your books if you want accurate, and annualize if your income is seasonal. This is general information, so it's worth checking your own numbers with a tax professional. Payments can be made through IRS payment options, including Direct Pay and EFTPS.
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