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Do you or your business need to file Quarterly Estimated Tax Payments?

Reblogger Brian England
Real Estate Agent with Ambrose Realty Management LLC SA634540000

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!

Original content by Krystin Mitchell, CPA CFE

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.

 

 

Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Brian, for sharing this reblog selection.

Oct 29, 2019 09:47 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Another good post to share, Brian! We don't have to re-file - we just pay our quarterlies that are determined earlier in the year. If I'm paying taxes, I'm making money so, I don't mind a bit when I have to pay them! ;-) 

Oct 29, 2019 10:15 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Brian England - I really don't want to be thinking about taxes... Ha Ha!

Oct 29, 2019 10:23 AM
James Dray
Fathom Realty - Bentonville, AR

Morning Brian.

Like I told Krysten, I do it monthly.  That way I don't spend the money, prior to giving it to Uncle Sam

Oct 30, 2019 01:12 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Brian,  I am writing out my Payroll taxes today and yes I have  money set aside for my quarterly taxes.

Oct 30, 2019 10:32 AM