tax preparation: Do you or your business need to file Quarterly Estimated Tax Payments?
- 10/29/19 08:49 AM
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 … (15 comments)
tax preparation: Don't let the 2018 tax season pass you by!
- 10/02/19 09:35 PM
Greetings everyone, As a reminder, the filing deadline for the 2018 tax season is quickly approaching! If you are one of those folks who extended their individual or C-Corporation tax filing, you have until Tuesday, October 15, 2019 to ensure a timely filing of your tax return. Additionally, if you have a tax liability due, remember that interest and penalties continue to accrue from April 15, 2019 until the balance is paid in full. If you know that you owe the tax, consider a proactive approach by paying in advance using any of the following methods: Increasing your W4 withholding Making quarterly estimated tax … (15 comments)
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.
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