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The last year has brought a whirlwind of tax changes, credits, and COVID relief.  Here’s what you need to know about your 2021 estimated tax requirements:

  • WHAT? 

  • Estimated tax payments are required if you have a tax liability of $1,000 or more that is not paid through payroll withholdings.

  • If you wait to pay tax due until your tax return is due, you’ll have to pay penalties in addition to the tax due.

  • WHEN?  2021 estimated tax due dates:

  • HOW TO PAY?  You also have a couple of payment options:

  • Payroll:

    • If you are an employee of your company (e.g., S-Corp owners), and you use Gusto or another payroll system, you can pay your federal and state income taxes through additional tax withholdings instead of making estimated tax payments manually.

  • Online:

  • EFTPS:

    • If you have an EFTPS account, you can pay electronically.  Be sure to initiate payment at least one day in advance of the due date.

  • Vouchers:

Tax return reminder:

  • Individual tax returns, including any tax due for the 2020 tax year, are due on May 17 this year.

  • If you would like us to prepare your return, and you haven’t sent us information yet, we’ll likely extend your return until after the due date.

  • Please provide us with any information we will need to calculate 2020 tax due before April 7, so that we can make sure your tax gets paid timely.