What are some of the upcoming tax deadlines?

If you’ve already filed your 2023 taxes, great job! If not, here are some upcoming tax deadlines.

If you file as an S-Corp or partnership and requested an automatic six-month extension, that likely be running out by the 15th of September. Penalties can be steep, so make sure you get everything to your tax preparer to file on time!

For your personal tax return, or if you file as a sole proprietor, you will have until October 15th. But don’t delay! That is just around the corner.

Estimated Tax Payments

Do you make estimated tax payments? If so, the next payment due is on September 15th. As a business owner, there is a good chance you are required to do so. Making estimated payments not only helps to avoid some penalties, but most importantly, helps you to avoid being hit with a huge surprise tax bill next year.

Not sure what you need to pay? For starters, use your tax return from last year. You probably received estimated tax payment vouchers from your tax preparer, which is great start, and tell you what you need to pay each quarter.

Generally speaking, you need to either pay 90% of the current year’s tax liability or 100% of the prior year’s liability. For higher-income earners, pay 110% of the prior year’s liability. (Over $150K if Married filing jointly)

There is also a nifty tool on the IRS website you can use to help you calculate:

https://www.irs.gov/individuals/tax-withholding-estimator

How to Make Estimated Tax Payments

How do you make your estimated payments? It is recommended to create an online IRS account and to pay through there. This will help you track payments to make sure they are recorded properly.

Additionally, if you owe state taxes, ensure to follow your respective state’s rules for estimated tax payments.

If you would like help getting your taxes prepared or are interested in finding out more about our services, schedule a free consultation: Click here to schedule your free consultation