Each year you should be making estimated payments to avoid underpayment penalties from the IRS.
Check your 2022 tax return to see what your estimated payments are for 2023. If your income has changed and you have W2 income, you may adjust your Federal withholding by submitting a W4 instead of making estimated payments. We can help you decide how much to withhold and prepare the W4 for you to give to your employer.
If you are self employed, these dates are very important to you since taxes are not automatically withheld from your income. PUT THESE DATES ON YOUR CALENDAR & the payments in your budget!
April 15th -1st estimated payment
June 15th - 2nd estimated payment
Sept 15th - 3rd estimated payment*
Jan 15th - final estimated payment*
*If you are in one of the Hurricane Idalia affected areas, IRS may have extended your time to pay to February 15th. Contact us to find out if your area was extended.
LOST? CONFUSED? UNSURE of what this post is about? Contact us today to set up a consultation for your tax review! The sooner, the better so you're not stuck with a huge tax bill and/or penalties in 2024.