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Upcoming Quarterly Tax Deadlines for Small Businesses

Saturday, June 08, 2024

Small business owners must prioritize staying updated on tax deadlines, as managing day-to-day operations is just as important. Understanding and planning for these deadlines is crucial to avoid penalties and maintain your business's good standing. A vital component of this planning entails making timely payments of estimated quarterly taxes, a method used to pay taxes on income that is not subject to withholding taxes.

What Are Quarterly Taxes?

Quarterly or estimated taxes are payments made to the IRS four times a year by individuals who earn income and are not subject to withholding taxes. This usually includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Small business owners, freelancers, and independent contractors often need to make these payments.​

Why Pay Quarterly Taxes?

Remember to pay your taxes quarterly. Doing so will help you spread your tax liability over the year, making it easier to manage your cash flow, particularly for small businesses. Failing to pay or underpaying your estimated taxes can lead to penalties and interest charges. Therefore, staying on top of these deadlines is a wise financial practice and a compliance requirement.

Upcoming Deadlines and Requirements

Remember the upcoming deadline for 2024. Payments for payment period April 1 through May 31, are due on June 15. Mark your calendar and ensure that payments are made on time to avoid unnecessary penalties.

Note: If the due date falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if made on the next business day, not a Saturday, Sunday, or legal holiday.

Wrapping Up

Quarterly tax payments are an integral part of managing your small business finances. You can navigate the tax season without undue stress by understanding the requirements, staying ahead of deadlines, and leveraging professional advice when necessary. Mark June 15 on your calendar for your next payment, and remember the rule about weekends and holidays to ensure everything runs smoothly. Stay informed, stay prepared, and your business will thrive.

​Keeping a close eye on your tax obligations, planning, and making timely payments will ensure that your small business is financially healthy and compliant with IRS requirements.

TIP from J&S on how to figure out how much you should pay each quarter:

  • Take Charge of Your Financial Planning: Begin by estimating your income for the year.
  • Stay Ahead of the Game: Use current tax rates to estimate your tax liability after deductions and credits.
  • Divide by Quarters: Split the total tax owed into four quarterly payments.
  • File Form 1040-ES or file online: Use this form to submit your estimated taxes each quarter or visit Direct Pay | Internal Revenue Service (irs.gov). Be sure you also pay your state taxes as well, which is generally 6% of your net income if you are a GA taxpayer. You can file these on this site: Georgia Tax Center (ga.gov).
  • Adjust as Needed: Reassess your estimates to see if your income or deductions change during the year.

Always consult with your tax accountant or preparer if you need more advice on this topic. 

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About J&S Accounting

J&S Accounting offers full-service bookkeeping, payroll, and consulting services. Our team understands that well-organized financial records help your business run more efficiently. We are a woman and minority-owned accounting practice improving the financial management of small businesses and nonprofits in Savannah, GA and nationwide.

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Disclaimer

This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.

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Disclaimer

This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.