Urgent Tax Deadlines: What You Must Do Right Now!

As a small business owner, tax season isn’t just once a year—it’s every quarter.

If you wait until April to think about taxes, you’re setting yourself up for stress, penalties, and possibly overpaying.

So, what should you be doing now to stay ahead?

Let’s break it down in a way that makes sense and keeps more money in your pocket.

Who Needs to Pay Quarterly Taxes?

If you're self-employed, run an LLC, or own an S-Corp or C-Corp, chances are you need to make estimated tax payments every quarter. The IRS expects you to pay taxes as you earn income, and skipping payments could mean penalties.

Not sure if this applies to you? Ask yourself:

·?????? Am I making a profit in my business?

·?????? Do I expect to owe at least $1,000 in taxes this year?

·?????? Am I relying on a big tax refund to catch up?

If you answered yes to any of these, quarterly tax planning isn’t optional—it’s essential.

Key Deadlines You Can’t Afford to Miss

Mark these dates on your calendar now:

·?????? April 15 – First-quarter payment

·?????? June 15 – Second-quarter payment

·?????? September 15 – Third-quarter payment

·?????? January 15 – Fourth-quarter payment (of the following year)

Miss a deadline? The IRS may hit you with penalties and interest. Staying ahead of these dates keeps your business financially healthy.

How to Estimate Your Quarterly Tax Payments

Quarterly tax payments are based on what you expect to earn throughout the year. If your income is steady, you can divide last year’s tax bill by four and pay that amount each quarter. But if your income fluctuates, you'll need to adjust your payments.

Here’s how to get an accurate estimate:

1.?????? Review Your Profit and Loss Statement – If you don’t have one, now’s the time to start tracking income and expenses.

2.?????? Set Aside a Percentage of Income for Taxes – A common rule of thumb is 25-30% of profits.

3.?????? Adjust Payments as Needed – If your income spikes, increase your payment to avoid penalties. If business slows, lower it to avoid overpaying.

Smart Tax Strategies to Save You Money

Quarterly tax planning isn’t just about paying on time—it’s also about keeping more of your hard-earned money. Here are a few strategies that can help:

1. Maximize Your Deductions

Are you writing off all the business expenses you’re entitled to? Consider:

·?????? Home office deduction – Do you work from home? You may qualify.

·?????? Vehicle expenses – If you use your car for business, track your mileage.

·?????? Equipment & supplies – Computers, software, and office supplies are deductible.

2. Take Advantage of Tax Credits

Did you know tax credits reduce your tax bill dollar for dollar? Some common ones include:

·?????? Research and development credits

·?????? Energy-efficient business improvements

·?????? Hiring incentives (like the Work Opportunity Tax Credit)

3. Contribute to a Retirement Plan

Setting up a SEP IRA or Solo 401(k) allows you to reduce taxable income while saving for the future. It’s a win-win.

Avoid These Costly Mistakes

Even seasoned business owners make tax mistakes. Here’s what to avoid:

·?????? Skipping payments – Even if business is slow, make at least a minimum estimated payment.

·?????? Not keeping financial records up to date – If you don’t know your numbers, you can’t plan properly.

·?????? Failing to adjust for changes in income – If you have a great quarter, increase your tax payments.

Take Action Now: Your Quarterly Tax Checklist

Before you move on with your day, take these steps:

?? Review your year-to-date income and expenses

?? Calculate estimated taxes for the next quarter

?? Set aside funds to cover your tax bill

?? Double-check deductions you may be missing

?? Mark the next quarterly tax deadline on your calendar

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Need Help with Tax Planning? Let’s Talk.

Taxes don’t have to be stressful, and you don’t have to handle them alone. If you want to make sure you're on track, avoid overpaying, and keep more of your hard-earned money, let's connect. I specialize in helping business owners like you stay ahead of taxes and build a financially strong business.

Contact me today, and let’s create a tax strategy that works for you.