TTT = Tax + Talk + Time
Psssst… before I get started on this post about (you guessed it) taxes… I wanted to let you know that I’ve just completed four full 2022 clean up jobs which means…
I have space for just ONE MORE 2022 Books Clean Up job!
But act now because the doors are closing on December 20th and won’t reopen until mid-January! Give yourself a holiday gift this year.
Alright y’all. Tax talk time.
Blegh, I know.
But guess what… Taxes don’t have to be a nuisance if you’re prepped and organized for those pesky deadlines.
Here’s what’s hurtling through the cosmos to your checking account in the near future if you are self-employed or have other income without tax withholding.
Estimated tax payments for 2022-Q4 are due on January 16, 2023. That’s MLK Day, so if you’re generally out of the office that day, pay them earlier!
(Your Q4 taxes relate to the income you made from September 1 - December 31, 2022.)
Why do you need to pay the estimated quarterly tax? Because you don’t want to pay the penalty fees!
The late payment is 0.5% of the tax owed after the due date for each month (or part of a month) the tax remains unpaid–up to 25%.
It may not seem like that much, but it’s MONEY WASTED. And given to the IRS of all people!
“I want to give more money to the IRS,” said no one ever!
Those late payment $$ are ones that could pay your next month of software costs, internet bill, airplane seat upgrade, the five new packs of gel pens that make you happy! ← Totally me! :)
The quickest, easiest way to deal with your quarterly tax payment is online here.
No idea what you owe? No worries!
Schedule a complimentary discovery call with me, and if we’re a good fit, I can do an analysis of your 2022 up-to-date books and give you an estimate.
If you need a complete 2022 overhaul, you’re running out of time to do it with me. December 20th is the last day I’m accepting clean up jobs until mid-January (after your Q4 taxes are due).
Other important tax dates that are right around the corner:
Due dates for 2023 estimated quarterly taxes:
Q1 — April 18, 2023 (Jan - Mar profit)
Q2 — June 15, 2023 (Apr - May profit)
Q3 — September 15, 2023 (Jun - Aug profit)
Q4 — January 15, 2024 (Sept - Dec profit)
March 15, 2023 - Deadline for partnerships, multi-member LLCs & S-corporations to file 2022 federal returns
April 18, 2023 - Deadline for sole proprietors, LLCs & C-corporations to file 2022 federal returns
Mark your calendar now, so you’ll be prepared!
If you need more time to file your return, request an extension on or before your March or April deadline. This will give you until September 15 (for partnerships and S-corporations) or October 15 (for everyone else) to file.
NOTE: Filing an extension does not mean you don’t have to pay the taxes by the deadline. It simply means that you are extending the time for filing the return.
I know, y’all. NOT my most inspiring blog post. But important nonetheless!
And remember, if you need a rescue, I am here to help you.
I only have space for one rescue job to begin in December.
P.S. Get your CPA booked now!
P.P.S. Don’t need bookkeeping catch up but do want to strategize on how to get you feeling empowered to make 2023 your most successful year yet? Book a Coaching/ Consulting Discovery Call with me!