Don’t Forget Quarterly Estimated Taxes Due 9/15

07 Sep Don’t Forget Quarterly Estimated Taxes Due 9/15

Just a friendly reminder from your Asheville area CPA that September 15th is your deadline for your 3rd quarter estimated taxes for NC and for Federal income taxes.  If you need any help, just let me know.  As a service to my clients, I prepare all estimates  for each and every client that needs them..

Here are a few tips from the IRS website:

How to pay:

If you are filing as a sole proprietor, partner, S corporation shareholder and/or a self-employed individual, you should use Form 1040-ES, Estimated Tax for Individuals (PDF), to figure and pay your estimated tax. For specific information on how to pay online, by phone, or by mail, refer to the section titled “How to Pay Estimated Tax.” For additional information on filing for a sole proprietor, partners, and/or S corporation shareholder, refer to Publication 505, Tax Withholding and Estimated Tax.

If you are filing as a corporation, you should use Form 1120-W, Estimated Tax for Corporations (PDF), to figure the estimated tax. You must deposit the payment using the Electronic Federal Tax Payment System. For additional information on filing for a corporation, refer to Publication 542, Corporations.

Who must Pay:

If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.

If you are filing as a corporation you generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return.

A few tips from the NC Department of Revenue:

You are required to make estimated tax payments if your North Carolina income tax liability, after credits and tax withheld, is $1,000 or more. Use Form NC-40 to make estimated tax payments. Your estimated tax is the amount of income tax you expect to owe, minus the tax you expect to have withheld plus any tax credits. Estimate your tax carefully to avoid having to pay a large balance and to avoid paying interest for underpayment of estimated income tax.