Q4 Tax Payment Due January 15th!
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URGENT: Your final 2024 quarterly estimated tax payment is due this Wednesday, January 15th. This payment is for your estimated tax balance if your income earned between September 1st to December 31st was not subject to withholding. Generally, this obligation applies to business owners and independent contractors who do not typically have taxes withheld from income received. You may also need to pay estimated taxes if you do not have enough taxes withheld from your paycheck. Failing to pay the full amount of what is owed can result in underpayment penalties.
Income that is taxable includes “unemployment income, refund interest and income from the gig economy and digital assets, such as cryptocurrency and non-fungible tokens”. In order to avoid underpayment penalties and a high tax bill on April 15th, it’s best to pay your quarterly taxes by the due date. You can make payments online through an IRS Online Account, the EFTPS, or through IRS Direct Pay. Alternatively, you can mail a check or money order payable to “United States Treasury” along with a 1040-ES payment voucher.
For assistance calculating your estimated tax balance for Q4, you can reach out to XQ CPA’s tax professionals. It’s important to act quickly as your payment is due on January 15th. Feel free to give us a call or you can book an appointment online at the link below. We are here to help you.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
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Want to save $10,000 in taxes? Read XQ CPA's official tax planning guidebook! How to Grow Your Wealth Through Tax Planning.
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