tax deadlines - Linkenheimer LLP CPAs & Advisors

Q2 Estimates and PTE Payments Due June 17th

As we navigate through the second quarter of the year, it’s crucial to stay on top of your tax obligations to ensure smooth financial operations and compliance. In particular, we’d like to draw your attention to four important matters: Q2 estimate payments, the California Pass-Through Entity (PTE) elective tax payment, S-Corp estimated payments, and Form 3536 for LLC fees.

Q2 Estimate Payments: For those of you who are required to make quarterly estimated tax payments, the deadline for the second quarter is swiftly approaching. If you are self-employed, a freelancer, a sole proprietor, or have other sources of income not subject to withholding, you likely need to make estimated tax payments to cover your tax liabilities.

The due date for Q2 estimate payments is June 17, 2024, since June 15 falls on a weekend this year. Missing this deadline can result in penalties and interest charges, so it’s essential to ensure your payment is submitted on time. If you need assistance calculating your estimated tax liability or determining the appropriate payment amount, please don’t hesitate to reach out to us. We’re here to help you navigate the complexities of tax compliance and ensure […]

By Linkenheimer LLP|2024-06-13T13:15:46+00:00June 7th, 2024|payments, pte, tax deadlines|0 Comments

Keep These 3 Issues in Mind After You File Your Return

The tax filing deadline for 2023 tax returns was April 15 this year. If you filed for an extension, you have until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations.

1. Waiting for your refund? You can check on it

The IRS has an online tool that can tell you the status of your refund. Go to irs.gov and click on “Get your refund status” to find out about yours. You’ll need your Social Security number or Individual Taxpayer Identification Number, filing status, and the exact refund amount.

2. Throwing away tax records

You should hold on to tax records related to your return for as long as the IRS can audit your return or assess additional taxes. The statute of limitations is generally three years after […]

By Linkenheimer LLP|2024-04-22T18:12:18+00:00April 22nd, 2024|tax deadlines, tax planning|0 Comments

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact your Linkenheimer CPA to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

April 15

If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.
For corporations, pay the first installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records.
For individuals, file a 2023 income tax return (Form 1040 or Form 1040-SR) or file for an automatic six-month extension (Form 4868) and pay any tax due.
For individuals, pay the first installment of 2024 estimated taxes, if you don’t pay income tax through withholding (Form 1040-ES).

April 30

Employers report income tax withholding and FICA taxes for the first quarter of 2024 (Form 941) and pay any tax due.

May 10

Employers report income tax withholding and FICA taxes for the first quarter of 2024 (Form 941), […]

By Linkenheimer LLP|2024-04-01T16:55:10+00:00April 1st, 2024|tax deadlines|0 Comments

If You Didn’t Contribute to an IRA Last Year, There’s Still Time

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and benefit from the tax savings on your 2023 return.

Who is eligible?

You can make a deductible contribution to a traditional IRA if:

You and your spouse aren’t active participants in an employer-sponsored retirement plan, or
You or your spouse are an active participant in an employer plan, but your modified adjusted gross income (AGI) doesn’t exceed certain levels that vary from year to year by filing status.

For 2023, if you’re a joint tax return filer and you are covered by an employer plan, your deductible IRA contribution phases out over $116,000 to $136,000 of modified AGI. If you’re single or a head of household, the phaseout range is $73,000 to $83,000 for 2023. For married filing separately, the phaseout range is $0 to $10,000. For 2023, if you’re not an active participant in an employer-sponsored retirement plan, but […]

By Linkenheimer LLP|2024-02-20T17:51:46+00:00February 20th, 2024|ira, retirement, tax deadlines|0 Comments

Get Ready for the 2023 Gift Tax Return Deadline

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required.

Who must file?

The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. Generally, you must file a gift tax return for 2023 if, during the tax year, you made gifts:

That exceeded the $17,000-per-recipient gift tax annual exclusion for 2023 (other than to your U.S. citizen spouse),
That you wish to split with your spouse to take advantage of your combined $34,000 annual exclusion for 2023,
That exceeded the $175,000 annual exclusion in 2023 for gifts to a noncitizen spouse,
To a Section 529 college savings plan and wish to accelerate up to five years’ worth of annual exclusions ($85,000) into 2023,
Of future interests — such as remainder interests in a trust — regardless of the amount, or
Of jointly held or community property.

Keep in mind that you’ll owe gift tax only to the extent that an exclusion doesn’t apply and […]

By Linkenheimer LLP|2024-02-14T17:11:07+00:00February 14th, 2024|gift tax, tax deadlines|0 Comments