Don't miss your quarterly tax dates: Here’s How To Make A Payment
If you expect to owe $1,000 or more when you file, the IRS generally expects you to pay during the year through quarterly estimated payments. The four due dates are April 15, June 15, September 15 and January 15. Here’s how to pay.
By Richard James, Enrolled Agent | James Family Tax
It’s that time again! Your Quarterly Taxes are due.
But not to worry! James Family Tax is here to help make the process easy for you so that you can focus on what matters most… your family & your business!
If you’re a small business owner or work for yourself, you generally need to make estimated tax payments throughout the year. The IRS breaks the due date for these estimated tax payments into quarters, so you often hear them referred to as your “quarterly tax payments”. According to the IRS Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments.
One thing to be aware of is that if you don’t pay enough tax or if you skip your estimated tax payments you may be charged a penalty. Also, if you make this payment late, even if you get back a tax refund you could possibly be charged a penalty.
Do I need to make an Estimated Tax Payment?
- Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. -IRS.Gov
How do I make an Estimated Tax Payment?
- The fastest and easiest way is visiting IRS.gov and following the steps shown in the video demonstration below.
Here’s the breakdown of dates that each quarterly payment represents.
1st Quarter (January 1 – March 31) 2nd Quarter (April 1 – May 31) 3rd Quarter (June 1 – August 31) 4th Quarter (September 1 – December 31) https://www.irs.gov/payments
https://www.irs.gov/faqs/estimated-tax
Thanks so much for allowing James Family Tax to be in your corner
To help make paying your Estimated Tax Payment Easier: Check out this quick video on navigating the IRS Website.
Here’s the “quarterly tax” dates for you to keep in mind!
At James Family Tax our team works hard to make sure that every deduction count and that no tax credit is overlooked!
You can sit back and relax knowing that your taxes are being handled by trusted tax professionals. We are thankful for your trust, and we truly want you to be successful.
Need help with your t
How Much Should You Pay?
To avoid an underpayment penalty, pay at least 90% of this year’s tax or 100% of last year’s tax through withholding and estimated payments. If your adjusted gross income was over $150,000, the prior-year amount is 110%.
How James Family Tax Can Help
Self-employed or running a small business? We prepare business returns and build year-round tax strategies for sole proprietors, LLCs and S-corporations.
Book an appointment at our San Antonio or Schertz office, or call (210) 864-1788.
Related reading: Self-Employment Taxes, Deductions, & Quarterly Payments Explained