Hey Abe! I recently received my quarterly estimate for Abacus, but did not have the full amount of money recommended to pay in. What should I do?

Abe: Great question! It is always advisable to make a quarterly tax payment, even if it is not the full recommended amount suggested by our preparers. If quarterly payments are not made, it could lead to a large tax liability at the time of filing and penalties and interest being added to the balance due.

Since quarterly estimates do not require a tax filing, there are no figures being reported or filed with the IRS pertaining to your business. Because of this, we always advise clients to make a payment when they can because your difference can be made up either by paying extra in one of the remaining quarters or make up the difference on your end-of-the-year tax return.

For example, say you could only pay $1500 of a recommended $2000 payment for your first quarterly payment of the year. You can pay the $1500 toward the current quarter and make up the $500 difference by paying more in the remaining second, third, or fourth quarters.

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 growthtrust, 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.