If you have received income from the following items, it is very likely that you should be paying quarterly estimated taxes to the IRS. You will likely also owe tax to applicable state/local jurisdictions where you live and/or work:
- Business income, such as s-corp income, c-corp dividends, partnership guaranteed payments, etc.
- K-1 income from private equity investments, law firms, oil & gas, real estate, business, etc. Any type of K-1 may trigger the need to file quarterly estimated taxes
- Equity compensation, such as RSU, ESPP, ISO, NSO, or other types of equity payout
- 1099-MISC income – this is for consulting, self-employment, contracting, gig income, or any other type of non-wage income
- 1099-K income – this comes from certain types of online accounts where you may have made money, such as eBay or Square
- 1099-B, 1099-DIV, and 1099-INT – significant investments or gains
- Single-member LLCs: You may need to pay estimated taxes if you are showing net income after expenses in any given quarter
- Significant W2 income where historically not enough taxes were being withheld by the employer/HR/Payroll
- Other – court settlements, gambling winnings, prize winnings, alternative investments, bitcoin gains, sale of business interest, sale of land, etc.
Quarterly estimated taxes are normally due on Jan 15th, April 15th, June 15th, and Sep 15th each year. Please make sure to get started on these as early as possible!
Please contact us at (833) 829-1120 or at firstname.lastname@example.org if you need CPA assistance with your quarterly filings. We have clients from all 50 states and 42 countries, so no worries if you have moved states & require several filings.
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