India, June 18 -- The Internal Revenue Service (IRS) notified all taxpayers to file their second-quarter taxes by June 16 to avoid facing the risk of penalties. "Taxpayers that receive income not subject to withholding, such as income from self-employment, gig work, interest, dividends, capital gains, rent or 1099 earnings, may need to make estimated tax payments throughout the year. This includes freelancers, retirees, investors, businesses, and corporations," said a news release on the official website.

Those who fail to pay by the deadlines for this financial year (April 15, June 16, September 15, and January 15 of next year) will face interest-based penalties which compound daily. To avoid facing underpayment penalties, the IRS provi...