It’s a new year and a new you! You’ve likely set personal resolutions, but have you set resolutions for your business?
Your Business New Year Resolution
Our challenge to you is to set a resolution to pay your quarterly estimate payments.
A resolution that you can easily accomplish on the federal estimated tax due dates of April 15th, June 15th, September 15th, and January 15th. Self-Employed individuals are required to pay taxes in quarterly throughout the year.
We understand paying quarterly taxes is a big change from the days when taxes were withheld from your paycheck as a W2 employee. It’s important to be diligent about how much money you set aside throughout the year to avoid unexpected surprises at the end of the year.
Your Estimated Payment Amount is Unique to You Because of Your Unique Situation
Estimated payment amounts are different for each taxpayer.
To determine the appropriate amount to withhold from your earning you should discuss all income, expenses, filing status, and dependents with your accountant.
Making Quarterly Payments Benefits You
Making quarterly payments towards your tax liability not only spreads the tax burden over time but its mandatory if you expect your total tax liability to exceed $1,000 and at least 90 percent of your income hasn’t been subject to tax withholdings. Failure to do so often carries a penalty.
Business owners primary focus is on the day-to-day operations and planning for the future. Paying quarterly estimates helps those plans to come to fruition by remaining compliant with the IRS.
Better Guidance from Abacus CPAs
We advise you to make a budget for yourself and have saving your tax money a top priority. Paying your quarterly estimated taxes is less stressful this way and you can keep your focus on your business.
Dealing with taxes four times a year might sound unappealing, but if you stay on top of your paperwork quarterly it’s easier to catch mistakes. For example, if you realize that you’re missing receipts for out-of-pocket expenses, such as lumpers or fuel, it’s a lot easier to get copies from recent expenses than it is to go back and remember your expenses for the whole year.
Abacus CPAs can help make this easy!
Paying your quarterly estimates is now easier than ever!
With our NEW Growth service level, we offer online quarterly tax estimate payments. That’s right, we’ll make your payments for you! You can also pay your federal quarterly estimates online at www.irs.gov/payments. Many states now allow online payments as well, go to your states department of revenue website to see your payment options.
At Abacus™ CPAs, our focus is you! Contact us today if you need help or more information on this valuable topic.
We believe that our employees and clients deserve to interact in an environment that fosters growth, trust, and confidence. Abacus™ professionals provide leadership by relentlessly pursuing the best guidance possible so those we serve can make smarter decisions.
We are here to serve you and your business. Contact us today by calling 417-380-5000, or visiting our website at www.abacustrucking.com