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The Cloud9 Connection
** IMPORTANT REMINDER NOTIFICATION **
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Hi Reader...
Ok... so I lied... I said I'd send emails out monthly. But, this is an important reminder!
QUARTERLY ESTIMATED FEDERAL TAXES are due on MONDAY.
and
EXTENSIONS for S-CORPs and PARTNERSHIPS are due on MONDAY
Yes, THIS Monday...September 16. You're welcome!
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Do I owe Estimated Taxes? |
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According to the IRS.gov website:
"Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed."
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Do I Owe Estimated Taxes?
If you are or were ever a W-2 employee, your employer withheld your taxes for you and paid them to the IRS every pay period. So you didn't have to worry about this.
However, if you are your own boss, whether you're a sole proprietor, LLC, Partnership or S-Corp, you need to pay attention to this deadline or you could owe penalties for late payments.
The US Government is impatient! They don't want to wait until April 15 for you to pay taxes on your business... argh! So they require that you pay them quarterly.
Here's the QUICK Link to make a payment to IRS
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More deadlines? I know, I know... There's so many things to keep track of as a business owner. |
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If you filed for an extension on your 2023 taxes, the 6-month extension deadline is ALSO on MONDAY, SEPTEMBER 16...but only for S-Corps and Partnerships. Sole Props / LLCs and Corporations have until OCTOBER 15.
S-Corps and Partnerships: SEPTEMBER 16, 2024
Sole Prop, LLCs and Corporations: OCTOBER 15, 2024
If you don't have a CPA or are looking for a new one, hit me up. I have a few fantastic recommendations for you.
Have a fabulous weekend!
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UPCOMING WORKSHOP - Mark your calendar |
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WHO: Business Owners (SMBs generating < $1M in revenue)
WHAT: Own a Machine, Not a JOB
WHEN: October 3 @ 9:00 am PST
Come ready to learn what levers to push and pull in your business to create a MONEY MAKING MACHINE!
For more details and to register, click the button below.
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You're receiving this newsletter because at some point or other, our paths have crossed. Maybe you're a client of mine, or you attending one of my webinars, or a networking event. Whatever the reason, I'm so happy you're here! If for some reason you'd rather not hear from me :-( just click the UNSUBSCRIBE button below. But I sure do hope you'll stay.
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NOTE: None of the information in this newsletter should be considered legal or tax advice. I'm not a lawyer, nor am I a Tax Accountant, and I sure as heck don't play one on TV. So please ... always do your own research to verify whether your business needs to file or not. |
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