Q2 Estimated Tax Payments Due

Reminder - Q2 Estimated Taxes Due

For those of you that make quarterly estimated income tax payments, this is a reminder that they are due by June 15th.

A few comments

Most people are not required to make estimated payments as they have taxes withheld out of their paycheck.
Estimates are most common for those clients that receive the majority of their income from a source OTHER than a paycheck (small businesses, rental properties, 1099's, K-1 from S-corp/partnership, etc.).
As the name implies, an estimated payment is NOT an exact science. It is an interim payment toward your "best guess" of your ultimate tax liability (which will not be know until you file your actual 2023 tax return in 2024).
Most clients that regularly make estimated payments have already received 2023 quarterly vouchers from us when we filed the 2022 tax return. However, for those that have extended and still not filed or those that had significant changes in their "tax landscape" compared to 2022, adjustments may be needed.
We can help with the estimated tax liability for 2023 based upon your view of 2023 results and related income so reach out if you need assistance.
Seperate from using vouchers we may have provided, you can also click the links below to go to the applicable IRS and CO websites and make your quartlery estimated payments on-line. Be sure to identify the payment as an estimated payment toward 2023.
Don't be overly concerned if you make an estimated payment late. Although you may incur some interest and potentially an underpayment penalty - making an estimated payment late is still better than not making it at all.

Looking ahead, the future estimated payment due dates are as follows

Q3 is due 9/15/2023
Q4 is due 1/16/2024
FYI - Q1 was due 4/18/2023

IRS Tax Payments

CO Tax Payments

Mid Year Tax Planning Sessions

It's hard to believe we are almost half way through the year. This is an ideal time to review your year to date financial results to determine if there are any necessary adjustments needed before year end (including potential changes to future estimated payments noted above)

As we do each year, we are offering complimentary mid year tax planning sessions for those that are interested. If you feel your tax situation has changed to a point it warrants further discussion and would like to set up a planning session, please reach out to us so that we can set up a meeting in the coming weeks/months.