Reminder: Q2 Estimated Taxes Are Due June 15th!

[Michael Ramirez]

I hope everyone enjoyed the Memorial Day weekend! As you get back into the swing of things,  this is a reminder theater the IRS deadline for Q2 estimated quarterly tax payments is June 15th, and it's coming up fast. If you're a real estate investor, freelancer, or self-employed, this one's for you. 

Although this is not required, if you expect to owe $1,000 or more in taxes this year, the IRS allows you to pay as you go to decrease your tax burden at tax time. 

The IRS website gives you multiple payment options, but I recommend IRS Direct Pay for a quick processing times. 

If you're not sure how much to pay, a good rule of thumb is to base it on what you owed last year or estimate 90% of what you expect to owe this year. Your bookkeeper or tax professional can help you get that number right.

Staying on top of quarterly taxes is so much easier when your books are current. If you're not sure where you stand or need help getting organized, reach out!

[John Morgan]

I send in checks to the IRS for quarterly payments so I don’t owe. I’m always a few weeks late and occasionally forget to send them in. Just make sure you don’t owe them at the end of the year! They don’t care when your checks arrive. Just don’t owe!