Estimated Tax Payments

Posted Thursday, December 5, 2024

At times we have advised you to make additional estimated tax payments, and this can also lead to some confusion. Please review these bullet points-

  • If you are a business owner and also processed payroll for yourself, the amounts drafted from your business checking account do not count as estimated tax payments. These were payroll withdrawals which probably included some income tax withholdings.
  • Estimated tax payments are typically paid through your personal checking account and earmarked with your SSN to the IRS and / or state. At times a business owner will send estimated tax payments for individual income tax using the business checking account; while incorrect, we still need these amounts so they are properly recorded on your business entity tax returns (1065, 1120, 1120S) and your individual tax returns (1040).

Please provide the amounts paid and the dates so can ensure the business is properly credited when preparing the tax returns. If you are confused, no biggie! Let’s hop on a call and figure it out.

The button below will take you to your Sharefile portal for your safe and securing uploading of tax documents-

Sharefile

Click here to securely submit your documents via ShareFile!

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Professional Consultation

Did you want to chat about this? Do you have questions about Estimated Tax Payments? Let’s chat!

The tax advisors and business consultants at WCG are not salespeople; we are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles.

We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.” Yes, it is fun to brag about how complicated your world is at cocktail parties, but let’s not unnecessarily complicate it for the bragging rights.

Let’s chat so you can be smart about it.

We typically schedule a 20-minute complimentary quick chat with one of our Partners or Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax prep, and more importantly tax strategy and planning?

Should we need to schedule an additional consultation, our fee is $250 for 40 minutes. Fun! If we decide to press forward with a Business Advisory or Tax Patrol Services engagement, we will credit the consultation fee towards those services.

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