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

By
Education & Training with KLSM CPA Firm, PLLC

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.

 

 

Comments (15)

Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am blessed to have an accountant that guides me in making the proper estimated payments quarterly!

Oct 29, 2019 09:02 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Krystin,

We listen to our Accountant, and follow her orders.  Thank you for sharing your expertise on the subject.  Wishing you a great week.   A

Oct 29, 2019 10:09 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Krystin... all I know is that my husband faithfully files quarterly taxes for my company. And our accountant reviews everything. Thankfully, so far... no IRS problems.

Oct 29, 2019 02:39 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Krystin.

I do a monthly report.  All I know is that I send my CPA all the paperwork, she tells me what is going to come out of my account.  

Oct 30, 2019 01:10 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Krystin, picked up my taxes earlier this week, wrote some checks and went straight to the post office.  All done!  

Nov 01, 2019 12:39 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your experience and your advice.

Nov 05, 2019 11:32 AM
Cate Griffing
West Magnolia Charm - Maywood, NJ
Home Decor Blogger creating beautiful spaces

Thankfully my CPA stays on top of all of this.

Nov 07, 2019 06:53 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

You remind me to plan for those quarterly payments. Thank you, Krystin. D 

Nov 12, 2019 12:28 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for your comment on my recent post.

Have a very special weekend.

Nov 23, 2019 09:02 AM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

It looks like we are all counting on the accountants to keep us on the level.

Nov 24, 2019 04:51 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Sage advice, Krystin - I remember the first time my husband told me we had overpaid estimated taxes and I thought we had to pay them anyway. I was on the phone to my CPA in a hot NY minute because I am terrified of the consequences of not following the law! And, when it comes to taxes, I'm even more terrified of breaking the law! So, it's by the books or rather, by my CPA, 100% of the time! LOL

Nov 26, 2019 09:47 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

 

Happy Thanksgiving Krystin to you and your family, Enjoy!  

Nov 28, 2019 06:43 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for your comments on one of my recent posts.

Have an outstanding December.

Dec 03, 2019 06:09 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Friday morning.

Have a great day and an outstanding weekend.

Dec 06, 2019 08:11 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Krystin Mitchell, CPA CFE - people need to pay attention to these dates.

Dec 18, 2019 11:19 AM