Private Practice Accounting Blog

21

Jan

Estimated Taxes, Taxes

Paying Estimated Taxes in 2021

Whether you’ve been paying estimated taxes for years or you’re entirely new to the idea, now is a great time to review the details. Let’s start with some basics: Your estimated taxes are paid using form 1040-ES. The form has four stubs because there are four payments to make every year.If you are an employee, you make less than $100,000 per year, and you don’t own a business, then it’s very likely that you won’t have to pay estimated taxes.If you are an employee who earns RSUs, check out our post.If you own a business, and if it’s made income…

When Are Tax Returns Due?

It gets late early out there.~ Yogi Berra Taxpayer beware. Because taxes can be so difficult, people often put them off until later. They can end up late before you know it, especially since different returns have different due dates. Staying aware of due dates can prevent tax time from sneaking up and surprising you, exposing you to penalties and added headaches! https://youtu.be/mBUOplZALdU Personal Tax Returns Personal tax returns are due Thursday, April 15th. This probably comes as no surprise. Just know that the IRS is generally very firm about due dates, and they may not hesitate to charge you…

When Are Washington’s Business & Occupation (B&O) Taxes Due? (2021 Edition)

A fine is a tax for doing something wrong. A tax is a fine for doing something right.~ Lowell Nussbaum As a Washington business owner, you’ve probably heard of Business & Occupation, or B&O, taxes before (if you don’t own a business then no worries, you don’t have to pay B&O taxes!). The good news is that two of the three local taxes in Washington State are based on a percentage of your business’s revenue, which in theory means that with proper planning, you’ll have the wherewithal to pay them. The three local taxing jurisdictions we will talk about today…