Greetings! The summer is heating up, and 2nd quarter tax estimates are due. If you make estimated tax payments to the IRS or the state, your next payment is due by Monday, June 17, 2024. If you do not pay enough tax in a timely manner, either by payroll withholding or estimated payments, you may incur an underpayment penalty. To avoid this, aim to pay 100% of your previous year’s taxes or at least 90% of this year’s taxes, UNLESS 2023’s adjusted gross income (AGI) was more than $150,000 (MFJ) or $75,000 (Single & MFS)…in that case, you need to pay 110% of your previous year’s taxes.
There are options for making estimated payments. We recommend going directly to IRS.gov or gtc.dor.ga.gov (for Georgia).
If you own a Pass-Through Entity such as an S Corporation or Partnership and elect to pay the state taxes at the entity level instead of on your personal 1040, Georgia corporate estimated PTE taxes are also due by June 17. The same gtc.dor.ga.gov site is our recommended option for that tax payment as well.
Whether your summer plans take you to the ocean or enjoying Hotlanta, the staff at Killingsworth Spencer CPAs wishes y’all a season of rejuvenation and happy memories 😊