Do you or your business need to file Quarterly Estimated Tax Payments?
Krystin Mitchell, CPA CFE certainly knows what needs to be done to satisfy our tax requirements, so if you are in need of assistance in this area, you should definitely reach out to her!
Generally, Individuals, including sole proprietors, partners, and S corporation shareholders, are required to make estimated tax payments if they expect to owe tax of $1,000 or more when their annual federal tax return is filed.
You don't have to pay estimated tax for the current year if you meet all three of the following conditions:
- You had no tax liability for the prior year (You had no tax liability for the prior year if your total tax was zero or you didn't have to file an income tax return.)
- You were a U.S. citizen or resident for the whole year
- Your prior tax year covered a 12-month period
The filing deadline for the 4th quarter is December 15, 2019 for corporations and January 15, 2019 for individuals.
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KLSM CPA Firm PLLC is a local Houston, TX CPA firm that empowers individuals and small businesses by providing accounting and tax solutions for financial success. We also assist our clients with tax resolution matters such as sales tax, payroll and income tax issues in Houston, TX, San Antonio TX, Austin, TX and elsewhere.
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