Do you pay quarterly estimated taxes?
Many of our clients do. You may need to submit taxes quarterly if your tax withholding throughout the year is not sufficient to cover total taxes owed, or if you receive investment, retirement or self-employment income not subject to withholding.
A quick reminder that your next quarterly tax payments are due Tuesday, January 18 (quarterly estimates are normally due January 15, but you get a few extra days this year due to the Martin Luther King Jr. holiday on Monday, January 17).
If your tax advisor recommended that you pay estimated taxes quarterly, make arrangements now to submit them timely before the deadline.
“Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment now,” advises the IRS.
As always, please let us know if we can help in any way.
Instructions on ways to make a tax payment are available here.
Tax Tip: Look into paying online to save time and make your payment more secure.