Individuals and businesses deposit the first installment of estimated income tax for 2023.

Taxes are pay-as-you-go

Taxpayers are required to pay most of their taxes during the year as income is earned through two different options.

• Withholding from pay, pension or certain government payments such as Social Security
• Making quarterly estimated tax payments during the year.

For additional information on quarterly, refer to the IRS Estimated Taxes resource.