{"id":17564,"date":"2024-09-27T15:15:11","date_gmt":"2024-09-27T15:15:11","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/09\/27\/how-to-pay-estimated-taxes-is-your-southeastern-fl-business-doing-this-right\/"},"modified":"2024-09-27T15:15:11","modified_gmt":"2024-09-27T15:15:11","slug":"how-to-pay-estimated-taxes-is-your-southeastern-fl-business-doing-this-right","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/09\/27\/how-to-pay-estimated-taxes-is-your-southeastern-fl-business-doing-this-right\/","title":{"rendered":"How to Pay Estimated Taxes: Is Your Southeastern FL Business Doing This Right?"},"content":{"rendered":"<div class=\"pme-content\">\n<p>Cue the pumpkin stands, trick-or-treating supplies, mannequins with sweaters, and the way-too-perfect apple-picking photos in your social media feed.<\/p>\n<p>The calendar flipped to September and suddenly it&#8217;s fall &#8230; y&#8217;all. (Saw that one on a scrolling bank sign yesterday, so you know it must be true.)<\/p>\n<p>For you, know that this is the beginning of the holiday cycle, which serves as a good reminder of things to prepare for in the coming months.<\/p>\n<p>Like this&#8230;<\/p>\n<p>If your Miami Metropolitan business has any type of beneficial ownership situation, the deadline for filing your BOI is coming up quickly. Not sure if you are a reporting company? Here\u2019s how you know (as quoted directly from the&nbsp;<a href=\"https:\/\/www.fincen.gov\/boi-faqs\"><span style=\"color:#1155CC;\">BOI reporting FAQ page<\/span><\/a>): \u201cA reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.\u201d<\/p>\n<p>The rules are different if you created a business this year (2024) or start one after the deadline. They are:<\/p>\n<ul>\n<li>2024: \u201c90 calendar days to file after receiving actual or public notice that its creation or registration is effective.\u201d<\/li>\n<li>2025: \u201cA reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.\u201d<\/li>\n<\/ul>\n<p>If you\u2019re still unsure about the whole thing, we\u2019re here for you at Heyer Inc.. And if you\u2019d like some guidance on it so you\u2019re really clear on things, grab a time on my calendar:<\/p>\n<p><strong><a href=\"https:\/\/calendly.com\/ralfheyer\/30-minute-meeting\">calendly.com\/ralfheyer\/30-minute-meeting<\/a><\/strong><\/p>\n<p>Something else you should be thinking about:<\/p>\n<p>Estimated taxes for Q3 are due today, September 16th (as of this writing). These last two Q3 and Q4 tax payment deadlines seem to always be trickier for business owners, for whatever reason. Maybe it\u2019s the busyness of summer vacations, back to school, and then the holidays later on that make it harder to remember.&nbsp;<\/p>\n<p>Understanding and knowing how to pay estimated taxes is a nuisance for business owners across the board until you have a system in place or an accountant like me to track it all for you.<\/p>\n<p>Which businesses are required to pay? How do I know if I need to make a payment? How much do I pay?&nbsp;<\/p>\n<p>I have answers to all of these questions and more. Because with the right guidance, you can quickly cross this off your list and keep your cash flow fluid, by not paying too much, or doing the reverse, which ends up costing more.<\/p>\n<p>So let\u2019s make sure you\u2019re doing this right.<\/p>\n<p><span class=\"text-huge\"><strong>How to Pay Estimated Taxes: Is Your Southeastern FL Business Doing This Right?<\/strong><\/span><br \/><span class=\"text-small\"><i>\u201cA tax is a fine for doing well, a fine is a tax for doing poorly.\u201d \u2013 Mark Twain<\/i><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">Before we talk about how to pay estimated taxes, let\u2019s talk about who needs to pay them. Estimated taxes are quarterly payments made throughout the year to&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estimated-taxes\"><span style=\"background-color:white;color:#1155CC;font-family:Georgia, serif;\">prepay your annual income tax liability<\/span><\/a><span style=\"background-color:white;font-family:Georgia, serif;\">.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">For most businesses, these payments are due on April 15, June 15, September 15, and December 15 (though the IRS will push those dates back if they fall on a weekend or holiday like they did for the most recent deadline I mentioned).<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>Who needs to pay estimated taxes?<\/strong><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">Generally, if you&#8217;re a business owner and you expect your annual tax liability to exceed 1K, you&#8217;re on the hook. That includes sole proprietors, partnerships, S corporations, and C corporations.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">Though there are some exceptions:<\/span><\/p>\n<ul>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\">Certain corporations: Some corporations, such as tax-exempt organizations, are exempt.<\/span><\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\">Farmers: Farmers have specific rules for estimated tax payments, and they may not be required to make payments if their income is relatively stable.<\/span><\/li>\n<\/ul>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>So, how do you determine your estimated tax payments?<\/strong><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">It&#8217;s a bit more involved than simply guessing. This is where an active relationship with a qualified business tax preparer becomes your easy button.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">Because how to pay estimated taxes does involve up-to-date data collection, math, and knowledge of applicable tax deductions and credits.&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040-es\"><span style=\"background-color:white;color:#1155CC;font-family:Georgia, serif;\">Form 1040-ES<\/span><\/a><span style=\"background-color:white;font-family:Georgia, serif;\"> should be used to calculate all of that together.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">Simply put, you&#8217;ll need to calculate your expected annual taxes and then divide that amount by four. This will give you your quarterly estimated tax payment.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">If you\u2019re experiencing similar revenue to last year, then last year\u2019s tax return can be a good guideline. We\u2019re talking about your business income, wages, and other sources of income.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">But also factor in any deductions or credits that may reduce your taxable income, such as the standard deduction, itemized deductions, or tax credits like the earned income tax credit or the child tax credit.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>But what if your income fluctuates throughout the year?<\/strong><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">In this case, you may need to adjust your payments accordingly. But that means you have to stay on top of your income and expenses to ensure you&#8217;re paying the correct amount each quarter.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>What happens if you don\u2019t pay on time?<\/strong><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">Then you get to pay the IRS even more. If you don&#8217;t pay enough estimated taxes or don\u2019t pay them on time, you may be subject to penalties:<\/span><\/p>\n<ul>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Late payment penalty<\/u>: A penalty of 0.5 percent of the underpayment amount for each month or part of a month that the payment is late.<\/span><\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Interest penalty<\/u>: Interest is charged on the underpayment amount from the due date of the tax payment until it is paid in full.<\/span><\/li>\n<\/ul>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">And know that if you underpay your estimated taxes, you may need to file an amended return to correct the issue.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>Where to pay them?<\/strong><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">You can send estimated tax payments with Form 1040-ES&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/filing\/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040-es\"><span style=\"background-color:white;color:#1155CC;font-family:Georgia, serif;\">by mail<\/span><\/a><span style=\"background-color:white;font-family:Georgia, serif;\">, but the easiest way is online. Use the&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/help\/irs2goapp\"><span style=\"background-color:white;color:#1155CC;font-family:Georgia, serif;\">IRS2Go app<\/span><\/a><span style=\"background-color:white;font-family:Georgia, serif;\"> or go through your&nbsp;<\/span><a href=\"https:\/\/www.irs.gov\/payments\/online-account-for-individuals\"><span style=\"background-color:white;color:#1155CC;font-family:Georgia, serif;\">online account<\/span><\/a><span style=\"background-color:white;font-family:Georgia, serif;\">, where you can see your payment history and other tax records.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>Are there any special rules to know about?<\/strong><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">You already know the answer to this because we\u2019re dealing with the IRS. Yes, particularly the \u201csafe harbor\u201d rules, which provide a simplified method for calculating estimated tax payments.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">If you meet certain criteria, you may be able to avoid underpayment penalties by paying at least 90 percent of your current year&#8217;s tax liability or 100 percent of your prior year&#8217;s tax liability.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"margin-left:0in;\">If you&#8217;re still unsure about how to pay estimated taxes for your Southeastern FL business or need personalized guidance, I&#8217;m here to help. I can provide you with tailored advice, answer your questions, and help you avoid those pesky penalties. Let&#8217;s work together to simplify your estimated tax process:&nbsp;<br \/><a href=\"https:\/\/calendly.com\/ralfheyer\/30-minute-meeting\">calendly.com\/ralfheyer\/30-minute-meeting<\/a><\/p>\n<p style=\"margin-left:0in;\">&nbsp;<\/p>\n<p style=\"margin-left:0in;\">Your easy button for taxes,<\/p>\n<p style=\"margin-left:0in;\"><strong>Ralf Heyer<\/strong><\/p>\n<p style=\"margin-left:0in;\">&nbsp;<\/p>\n<\/p>\n<\/div>\n<style>.pme-content {\n\tfont-size: 1.2em\n}<\/p>\n<p>.text-tiny {\n\tfont-size: .7em\n}<\/p>\n<p>.text-small {\n\tfont-size: .85em\n}<\/p>\n<p>.text-big {\n\tfont-size: 1.4em\n}<\/p>\n<p>.text-huge {\n\tfont-size: 1.8em\n}<\/p>\n<p>.marker-yellow {\n\tbackground-color: #fdfd77\n}<\/p>\n<p>.marker-green {\n\tbackground-color: #63f963\n}<\/p>\n<p>.marker-pink {\n\tbackground-color: #fc7999\n}<\/p>\n<p>.marker-blue {\n\tbackground-color: #72cdfd\n}<\/p>\n<p>.pen-red {\n\tcolor: #e91313\n}<\/p>\n<p>.pen-green,\n.pen-red {\n\tbackground-color: transparent\n}<\/p>\n<p>.pen-green {\n\tcolor: #180\n}<\/p>\n<p>.pme-content blockquote {\n\toverflow: hidden;\n\tpadding-right: 1.5em;\n\tpadding-left: 1.5em;\n\tmargin-left: 0;\n\tfont-style: italic;\n\tborder-left: 5px solid #ccc\n}<\/p>\n<p>.pme-content .image img {\n\tdisplay: block;\n\tmargin: 0 auto;\n\tmax-width: 100%\n}<\/p>\n<p>figure.image {\n    text-align: center;\n}<\/p>\n<p>.pme-content figcaption {\n\tcolor: #333;\n\tbackground-color: #f7f7f7;\n\tpadding: .6em;\n\tfont-size: .75em;\n\toutline-offset: -1px\n}<\/p>\n<p>.pme-content .image-style-align-left {\n\tfloat: left\n}\n.pme-content .image-style-align-right {\n\tfloat: right\n}\n.pme-content .image-style-align-center,\n.pme-content .image-style-align-left,\n.pme-content .image-style-align-right,\n.pme-content .image-style-side {\n\tmax-width: 50%\n}<\/p>\n<p>.pme-content .image {\n\tposition: relative;\n\toverflow: hidden;\n\tclear: both;\n\ttext-align: center\n}<\/style>\n","protected":false},"excerpt":{"rendered":"<p>Cue the pumpkin stands, trick-or-treating supplies, mannequins with sweaters, and the way-too-perfect apple-picking photos in your social media feed. The calendar flipped to September and suddenly it&#8217;s fall &#8230; y&#8217;all. (Saw that one on a scrolling bank sign yesterday, so you know it must be true.) For you, know that this is the beginning of the holiday cycle, which serves as a good reminder of things to prepare for in&#8230; <a class=\"more-link\" href=\"https:\/\/www.heyerinc.com\/blog\/2024\/09\/27\/how-to-pay-estimated-taxes-is-your-southeastern-fl-business-doing-this-right\/\">Read More<a><\/p>\n","protected":false},"author":2,"featured_media":17563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-17564","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized","8":"entry"},"_links":{"self":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/17564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/comments?post=17564"}],"version-history":[{"count":0,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/17564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/media?parent=17564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/categories?post=17564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/tags?post=17564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}