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Reminder: Second Quarter Estimated Taxes Are Due | Weekly Tax Tip for Honolulu Individuals and Businesses! Call Diamond Head Tax Group OAHU Experts at 808-468-8041for Queries

Reminder: Second Quarter Estimated Taxes are DUE | Weekly Tax Tip for Honolulu Individuals and Businesses by Diamond Head Tax Group OAHU - Trusted Source of Tax Filing and other Certified Public Accounting Services. Alan Chu - Certified Public Accountant and Tax Expert near Waipahu, Waikiki, Ewa Beach, Aiea, Pearl City, Kahala, Portlock, Honolulu County, Kapolei, Kaneohe, Mililani Mauka, Mililani, Royal Kunia, Ocean Pointe, Ewa Gentry. Call: 808-468-8041
Diamond Head Tax Group OAHU is your Honolulu's Trusted Source for Filing Taxes for Personal and Business. Call 808-468-8041 to Schedule an Appointment with a Tax Expert!

Tip Category: Planning


If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here.


Due date: Monday, June 17, 2024


You are required to withhold at least 90 percent of your 2024 tax obligation or 100 percent of your 2023 tax obligation.* A quick look at your 2023 tax return and a projection of your 2024 tax obligation can help determine if a payment is necessary. Here are some other things to consider:


  • Avoid an underpayment penalty. If you do not have proper tax withholdings during the year, you could be subject to an underpayment penalty. The penalty can occur if you do not have proper withholdings throughout the year.


  • W-2 withholdings have special treatment. A W-2 withholding payment can be made at any time during the year and be treated as if it was made throughout the year. If you do not have enough to pay the estimated quarterly payment now, you may be able to adjust your W-2 withholdings to make up the difference.


  • Self-employed workers need to account for FICA taxes. In addition to your income taxes, remember to also account for your Social Security and Medicare taxes. Creating and funding a savings account for this purpose can help avoid a possible cash flow hit each quarter when you pay your estimated taxes.


  • Don't forget state obligations. With the exception of a few states, you are often also required to make estimated state tax payments if you have to do so for your federal taxes. Consider conducting a review of your state obligations to ensure you also comply with these quarterly estimated tax payments.


*If your income is over $150,000 ($75,000 if married filing separate), you must pay 110 percent of your 2023 tax obligation to avoid an underpayment penalty.


 

Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.


Oahu CPA Tax Firm Honolulu Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services


5 Star Client Testimonials Oahu CPA Tax Firm Honolulu Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services


We are available to assist you with your Tax Needs.

Individuals ● Business ● Tax Advisory ● Payroll Services

Oahu CPA Tax Firm Honolulu Office 1050 Queen Street #100, Honolulu Hawaii 96814 Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services





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