when is the final day to pay your 2006 self employment tax????

Answer 1

For a self employed individual the Estimated payments are due as follows

When To Pay Estimated Tax
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. The payment periods and due dates for estimated tax payments are shown below.


For the period: Due date:
Jan. 1 1 - March 31 April 15
April 1 - May 31 June 15
June 1 - August 31 September 15
Sept. 1 - Dec. 31 January 15

http://www.irs.gov/publications/p505/ch02.html#d0e6371

Answer 2

While April 17, 2007 is the filing deadline, if you are self employed you should have been making quarterly estimated tax payments using Form 1040ES. The last payment for 2006 was due on Jan 15, 2007. If you didn't make your estimated payments on time, you may be subject to penalties and interest for underpayment of estimated taxes. The interest charges will accrue until you file your return and pay your taxes.

Answer 3

When you file your tax return, or April 17, 2007, whichever comes first. If not paid by then, then the IRS will begin assessing and charging you interest and late payment penalties. Late payment penalties are assessed at 5% of the tax due per month, up to a maximum of 100% of the tax due. Interest is assessed at the federal rate per annum (it is probably somewhere around 8-9%).

Filing an extension only extends the time you are required to file your return, it does not extend the time you have to pay the tax due. If you extend your return, but you have not paid the tax due by April 17, you will still be charged late payment penalties and interest. Also, even if you cannot pay, it is better to file your return without a payment and work out a payment plan with the IRS. Filing your tax return late also assesses an additional 5% penalty per month.

Answer 4

To say it another way, the "when must I pay SE tax" rules are the same as for any other income. You should have been paying the appropriate amounts for your total tax liability all year, through witholding and/or estimated tax payments.