Happy Monday!,
CPAs across the country are counting down the minutes until April15th is over. If it's not on your radar, this is a friendly reminder that 2024 tax payments and 1Q 2025 estimated tax payments are due tomorrow for most tax payers.
Unfortunately 2024 saw a large number of natural disasters and many taxpayers are on extension to include a majority of the Southeast (Alabama, Georgia, Florida, North Carolina and South Carolina) so if you haven't heard from your CPA check IRS guidelines as it pertains to your state here: https://www.irs.gov/newsroom/around-the-nation
March 15 - corporate taxes/extensions due
April 15- personal taxes/extensions dues AND 1Q estimated tax payments due
June 15- 2Q estimated tax payments due
September 15- extended corporate tax returns due AND 3Q estimated tax payments
October 15- extended personal tax returns due
January 15- 4Q estimated tax payments due
Direct from the IRS website: If day 15 falls on a Saturday, Sunday or legal holiday, the due date is delayed until the next business day. Your return is considered filed on time if your envelope is properly addressed, postmarked and deposited in the mail by the due date.
Best practice is to make electronic payments several days beforehand and make sure they post to your bank account, leaving enough time to log back in and try again if it does not. Please note the instructions below are for current year estimated payments only (but change the year to 2025!); to make a tax payment for 2024 you would change the payment reason to tax payment.
If you make an incorrect selection on where to apply the tax to it is no fun. Please pay close attention!
Happy tax paying!
Natalie
Paying Estimated Taxes to the IRS
Quarterly estimated tax payments are upon us! If your CPA put a series of vouchers at the beginning of your 2023 tax returns, you should be making estimated payments.
I have heard of more mail fraud and lost checks this year than prior years and wanted to remind those making estimated payments to please send checks certified mail to the IRS OR make a payment online.
Making a payment online isn't always a perfect system either- it is really important to categorize the payment correctly and you should always print or take a screen shot of the payment confirmation in the event of a system glitch.
Step 1
Go to Make a Payment with this link and select "Pay now with direct pay"
Step 2
In the Direct Pay with bank account page, please select the "Make a Payment"
Have your account number and routing number ready to complete the payment
Step 3
For estimated taxes select the reason as "Estimated Tax"
Select the current year of the payment for the Tax Period for Payment drop down
Step 4
Have a prior tax return in hand to verify your identity. It does not have to be a current tax return; you will put the tax year in the first drop down box
Provide the information exactly as seen on the tax return you have selected
Step 5
Enter the amount of the Estimated Tax payment and the date it will be withdrawn
The withdraw date should be on or before the quarterly deadline
Do not forget to select the check box to get an email confirmation notification and enter the email you would like to receive that email
Step 6
Save the confirmation of your payment so you are able to report it on your tax return
This page is important to save because your email confirmation will not have the payment amount or date of payment
Hayes Wealth Advisors | 85 Stewart Drive | Atlanta, GA 30342 US
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