If you make quarterly tax payments, the due date for the 2nd quarter is fast approaching; June 15. There are a few possibilities that mean you are required to make quarterly tax returns.
1. Self-Employed sole proprietor filing Schedule C. As part of your personal return, you may be required to make quarterly estimated income tax payments. Use Form 1040-ES. Your payments will be in compliance with the federal “pay as you go” system and will save you from any underpayment penalties that you may incur even if you pay the full balance by April 15. These payments include federal income taxes as well as self-employment taxes.
2. Payroll taxes. You must issue and withhold taxes from any employee paychecks. You are given a certain timeframe to pay, usually using Form 941. They must be paid one month after each quarter. The next deadline coming up is July 31.
3. Some LLCs, S Corporations, partnerships. If you’re performing services for your company, you are required to pay yourself “reasonable compensation.” That means giving yourself a paycheck and filing payroll taxes.
Make sure you’re in compliance before the next quarterly due date!
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