Navigating Small Business Quarterly Estimated Taxes

Quarterly Estimated Taxes for Your Business

Most small business owners, entrepreneurs, and self-employed individuals who earn above a certain income threshold must pay federal estimated taxes every quarter. Calculating an estimated tax payment can be complicated, and mistakes can be costly.

That’s why thousands of business owners like you rely on Magnolia Tax Services to calculate their federal estimated tax payments.

When are Quarterly Taxes Due 2023?

Estimated tax payments are due to the IRS once per quarter. Deadlines are sometimes altered from year to year.

Payment

Income Period

Due Date

1st Payment

January 1 - March 31

April 18, 2023

2nd Payment

April 1 - May 31

June 15, 2023

3rd Payment

September 15, 2023

April 18, 2023

4th Payment

September 1 - December 31

January 16, 2024

Partner with a Trusted Tax Advisor

If you’re feeling uncertain about handling your quarterly taxes, grappling with complex IRS regulations, or simply lacking the time and resources to tackle them, rely on the expertise of Magnolia Tax Services. We understand the challenges of small business estimated taxes and strive to make the process effortless and worry-free for you, allowing you to concentrate on the growth of your business. Our team of small business specialists is well-versed in various industries, including real estate, trucking, and e-commerce, catering to clients across all 50 states.

Quarterly Estimated Tax Payment Process FAQs

What are quarterly estimated taxes?

Four times a year, anyone making a profit or has taxable income, but doesn’t have taxes being withheld simultaneously (like a W-2), may need to make quarterly estimated tax payments.

Who must make quarterly tax payments?

Individuals that receive tax forms other than a W-2 typically have to pay, but there are exemptions for specific professions, such as fishing and farming.

Who does not have to pay quarterly taxes?

Exempt industries and W-2 employees without additional income sources do not have to pay quarterly taxes.

How do you calculate quarterly estimated taxes?

Small business owners use IRS Form 1040-ES to calculate estimated tax they owe. There are three steps to calculating estimated payments.

Calculate your taxable income based on your marital status and income.
Compute any credits and deductions you may get, such as child tax credits or credits for taxes already withheld.
Calculate your remaining tax due.

What happens if you miss a quarterly estimated tax payment?

If you don’t make sufficient payments throughout the year or on time, then an extra penalty may be added to what you owe on your tax return. That amount will depend on how much you underpaid and exactly how late you were with your estimated payments.

How do I file quarterly taxes?

You can pay estimated taxes online or use two additional options the IRS accepts. Fees may apply depending on the method you choose.

Electronic
Phone
Mail

Keyauda Jones

THIS PLACE IS THE BEST THEY SAVE ME FROM A BIG DEBT….I RECOMMEND 10 OUT OF 10. THEY TREAT YOU SO NICE WHEN DEALING WITH THEY SERVICES. THEY ANSWER TEXTS, EMAILS, PHONE CALLS, THIS PLACE IS THERE FOR YOU. MAGNOLIA TAX SERVICES HELPED ME SO MUCH. I AM GOING TO THEM FOR SERVICES FOR NOW ON. SHOUT OUT TO EUGENE……………………………

Terry Williams

This firm exemplifies professional services. From the scheduling to the intentional follow ups, I felt accommodated as a client. Eugene and his team assured my privacy was a priority throughout the process by utilizing their online portals and file sharing technology they have integrated. After reviewing and my previous years, Magnolia found critical errors that were corrected that saved me over $7,000! Quality professional service is what I expected and quality professional service is what I received. I would highly recommend this business to anyone seeking tax preparation, service, and planning.

Carly Weigel

Magnolia Tax Services is the best in the business. As a small business owner, they answered all of my questions and helped me save over $20,000 on my tax bill last year. I’ve recommended this team to everyone I know.

Jacob Bunce

Eugene is great and very knowledgeable – helped me get a great return this year. Super easy and quick process!

Benjamin Khachaturian

Magnolia has been a fantastic resource for my business! I’m grateful to have Eugene in my corner. Look no further! I’d give this business 6 stars if I could. ⭐️⭐️⭐️⭐️⭐️⭐️

Nick Sirvinskas (Sirvin Real Estate)

I’d recommend Magnolia Tax Services to anyone. They are professional and extremely knowledgeable. I got my tax return quickly and I’ll even be working with them this year for tax planning. 10/10 experience

DJ KO

I had the privilege of working with Eugene and his exceptional tax firm, which saved my business a remarkable $27,521! From the very beginning, Eugene’s professionalism and expertise shone through. Eugene and his team thoroughly analyzed my business finances, leaving no detail unchecked. Their attention to detail and in-depth knowledge allowed them to identify valuable deductions and implement effective strategies, resulting in substantial savings. Throughout the process, Eugene was communicative and transparent, patiently explaining complex concepts and addressing all my questions. His commitment to client satisfaction was evident, making the entire experience smooth and stress-free. The impact of working with Eugene’s tax firm has been game-changing. They discovered overlooked deductions specific to my industry, saving me $27,521. I highly recommend Eugene and his team for their unmatched expertise and exceptional service. Thank you, Eugene, and the entire team at Magnolia Tax Services!

Rick Mitchell

Eugene and his staff have been nothing short of phenomenal! The service, attention to detail and advice I received was incredible and I am going to be a client of Magnolia from here on out! I just wish I had found them earlier!

Tanell Jennings

Magnolia services was super!! They were fast and efficient. Answered any questions that I had for understanding! Thank you guys for everything!

Navigating Small Business Quarterly Estimated Taxes

Quarterly Estimated Taxes for Your Business

When are Quarterly Taxes Due 2023?

Partner with a Trusted Tax Advisor

Quarterly Estimated Tax Payment Process FAQs

Client Reviews

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