As a small business owner or self-employed individual, staying on top of your estimated tax payments is crucial. The next big deadline is September 15, and making your payment on time is more important than ever. Missing it could lead to penalties and unnecessary stress—something no one needs.
Why Timely Payment Matters
The IRS expects you to pay taxes as you earn income throughout the year, not just at tax time. September 15 is the due date for the third quarter estimated tax payment, and timely payment helps you avoid penalties. It also ensures that you’re in good standing with the IRS, which is always a good place to be.
What If You Need More Time?
Life happens, and sometimes, cash flow issues or other circumstances can make meeting your estimated tax obligations challenging. If you find yourself in this situation, don’t panic—you do have options. Consider filing for an extension or adjusting your payment plan. While this won’t eliminate your tax liability, it can give you some breathing room to get things in order.
Plan for the Next Quarter
If this deadline caught you off guard, now’s a good time to review your financials and plan for the final estimated tax payment due on January 15. Setting aside funds regularly can help ensure you’re never scrambling at the last minute.
At Blue Ocean Tax Advisors, we’re here to help you navigate the complexities of estimated taxes and ensure you stay compliant without the stress. Call us if you’re unsure about your estimated tax obligations or need guidance on filing an extension.
Remember, staying ahead of your tax deadlines is key to running a smooth, successful business.