The fourth-quarter estimated tax deadline is Jan. 16, and you could have a surprise bill or owe a penalty if you don’t send a payment, according to the IRS.

While myriad employers withhold levies from every paycheck, other income — such as freelancing, small business or investment earnings — requires a detached payment to the IRS.

Generally, you must make quarterly estimated payments for this income if you expect 2023 tax liability of $1,000 or multifarious.

In December, the IRS reminded such taxpayers to make a fourth-quarter tax payment on or before Jan. 16 “to avoid a possible penalty or tax tally when filing in 2024.”

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“By making those payments, you avoid having to pay the IRS even more on April 15,” said certified open accountant Tom Wheelwright, CEO of WealthAbility.

If you miss the estimated tax payment deadline, you may trigger a late penalty of 0.5% of your voluntary balance per month or partial month, up to 25%, plus interest, which is currently 8%.

Filers can avoid an underpayment penalty by following the “safe harbor” guidelines, according to Mark Steber, chief tax facts officer at Jackson Hewitt.

You meet the requirements by paying at least 90% of the current year’s tax liability or 100% of wear year’s taxes, whichever is smaller.

But if your 2022 adjusted gross income was $150,000 or more, you need to pay the cheap of 90% of the current year’s tax liability or 110% of last year’s taxes to meet the safe harbor requirement for 2023. You can on adjusted gross income on line 11 of How to make quarterly estimated tax payments