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Is It Time for an Estimated Payment or to File a Personal or Corporate Tax Return?

Estimated Payment or to File a Personal or Corporate Tax Return

Is it time for an estimated payment or to file a personal or corporate tax return to the IRS or the FTB?  For those on a calendar tax year there is a final estimated tax payment due to the IRS for federal taxes and the California Franchise Tax Board (FTB) for state taxes for the tax year of 2022 on January 17, 2023.

What is the schedule for 2023 estimated tax payments to the IRS and the FTB?  They Are:

IRS Quarterly Estimated Tax Payment Due Dates for Tax Year 2023:

1st Payment for 2023                             April 18, 2023

2nd Payment for 2023                           June 15, 2023

3rd Payment for 2023                            Sept 15, 2023

4th Payment for 2023                            January 16, 2024

Source: IRS

 

California Estimated Tax Payment Due Dates for Tax Year 2024:

1st Payment for 2023                             April 18, 2023

2nd Payment for 2023                           June 15, 2023

3rd Payment for 2023                            Sept 15, 2023

4th Payment for 2023                            January 17, 2024

Source: California FTB

 

Federal Business Tax Return Important Dates:

LLC and Partnership Federal Tax Return and Payment Due Dates:

Corporate Return: 15th day of the 3rd month after the close of your tax year  (K1 on Federal Return April 15, 2023)

Extended Corporate Return Filing Due Date: 15th day of the 10th month after the close of your tax year (Oct 15, 2023)

 

S Corporation Federal Tax Return and Payment Due Dates

Return Due Date: 15th day of the 3rd month after the close of your tax year (March 15, 2023)

Extended Due Date: 15th day of the 9th month after the close of your tax year (Oct 16, 2023)

Minimum Franchise Tax:  $800

 

C Corporation Federal Tax Return and Payment Due Dates:

Return Due Date: 15the day of the 4th month after the close of your tax year (April 15, 2023)

Extended Due Date: 15th day of the 10th month after the close of your tax year (Oct 16, 2023)

Payment Date: Your total tax owed is due on the 15th day of the 4th month after the close of your tax year (April 15, 2023)

NOTE: The above example is for C Corporations on a calendar tax year.  Fiscal year due dates should be calculated separately based upon the above and confirmed with Allen Barron tax professionals.


California Business Tax Return Important Dates:

LLC and Partnership California Tax Return and Payment Due Dates:

Corporate Return: 15th day of the 3rd month after the close of your tax year  (March 15, 2023)

Extended Corporate Return Filing Due Date: 15th day of the 10th month after the close of your tax year (Oct 15, 2023)

 

S Corporation California Tax Return and Payment Due Dates

Return Due Date: 15th day of the 3rd month after the close of your tax year (March 15, 2023)

Extended Due Date: 15th day of the 9th month after the close of your tax year (Sept 15, 2023)

Minimum Franchise Tax:  $800

 

C Corporation California Tax Return and Payment Due Dates:

Return Due Date: 15the day of the 4th month after the close of your tax year (April 15, 2023)

Extended Due Date: 15th day of the 11th month after the close of your tax year (Nov 15, 2023)

Payment Date: Your total tax owed is due on the 15th day of the 4th month after the close of your tax year (April 15, 2023)

Minimum Franchise Tax: $800

 

We hope you find this information helpful.  Ultimately, you will need to discuss this information with your Allen Barron tax professional to confirm the important dates for your unique circumstances and ensure those dates are added to your calendar appropriately.

We invite you to review the strong recommendations of former clients and contact Allen Barron or call today to schedule a free consultation with an Allen Barron IRS and California Tax Professional at (866) 631-3470.