the penalties associated with missed ES payment are called underpayment penalties.
When to pay — Estimated tax payments are due four times a year:
April 15 for payment period January 1–March 31
June 15 for payment period April 1–May 31
September 15 for payment period June 1–August 31
January 15 for payment period September 1–December 31
IRS computes the number of days you are late after the expected date until the next expected date.
the annualized penalty interest rate is higher for the later dates than for the earlier dates.
If you apply a refund to next year, it goes toward the first ES payment period.
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