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Starting a New Business - What's In a Name?
December 6, 2024
The IRS wants Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.
Monthly tax planning
For business that choose an LLC business structure, personal assets are considered separate from the personal interest invested in the company. This means that debts and liabilities incurred are the responsibility of the business rather than its members.
Our tax advisors can help you. As an IRS approved e-File provider, we can submit your estimated taxes using the Electronic Federal Tax Payment System (EFTPS), which is the easiest way for individuals as well as businesses to pay federal taxes. The IRS has made all of your federal tax payments including federal tax deposits (FTDs), installment agreement and estimated tax payments using EFTPS. If it’s easier to pay your estimated taxes weekly, bi-weekly, monthly, etc.
If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.
Contact us today for your estimated taxes and save a lot of money on tax penalties.
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