Now is the time to make your estimated tax payment
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here.
Due date: Thursday, June 15, 2023
You are required to withhold at least 90 percent of your 2023 tax obligation or 100 percent of your 2022 tax obligation.* A quick look at your 2022 tax return and a projection of your 2023 tax obligation can help determine if a payment is necessary. Here are some other things to consider:
*If your income is over $150,000 ($75,000 if married filing separate), you must pay 110 percent of your 2022 tax obligation to avoid an underpayment penalty.
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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Mia Verc, CPA; Janice Papais, CPA
To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!