Atlanta CPA Reminds about Quarterly Taxes
Small business owners, investors and independent contractors who are required to pay quarterly taxes to the IRS should consider the June 15, 2023 deadline to stay current with their taxes.
Why Make Quarterly Tax Payments?
Taxpayers who do not have their taxes withheld from wages (payroll taxes) are required by IRS rules to pay their taxes quarterly. This includes small business owners, partners in a partnership, S corporation shareholders, independent contractors and sole proprietors.
Examples of small businesses owners who often need to make quarterly tax payments are real estate investors, real estate brokers, truckers, electricians, website designers and landscapers.
Quarterly Taxes: Dates for 2023
The first quarterly payment covering January 1 through March 31 was due on April 18, 2023. The second quarterly tax payment covering April 1 through May 31 is due June 15, 2023. The third quarterly tax payment covering June 1 through August 31 is due on September 15, 2023. And, the fourth quarterly tax payment covering September 1 through December 31 is due on January 16, 2024.
What if I Don’t Pay Quarterly Taxes?
If you don’t make quarterly tax payments, you may be subject to an underpayment tax penalty, plus interest.
IRS Installment Agreement and Quarterly Taxes
If you owe money to the IRS for back taxes and you are in an Installment Agreement with the IRS, your installment agreement will likely be revoked if you fail to make quarterly tax payments. Revocation means that you have to apply for an IRS installment agreement all over again.
IRS installment agreement payments do not preclude the need to make quarterly tax payments to the IRS.
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Massey and Company CPA is a boutique tax and accounting firm serving individuals and small businesses in Atlanta, Chicago and throughout the country. Our services include tax return preparation, tax planning for businesses and individuals, IRS tax problem resolution, IRS audits, and small business accounting and bookkeeping.
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