We have posted the tips developed by the National Association of Enrolled Agents for small business owners based on some of the changes brought about by the Tax Cuts and Jobs Act as an ongoing blog this week after they were published in Accounting Today. The last tip is below:

1. Make quarterly estimated payments

Sole proprietors or partners in partnership likely need to make quarterly estimated tax payments to prepay their 2018 tax bill.  Their first installment was due on April 17, and the remaining quarterly payments are due on June 15, 2018, Sept. 17, 2018, and Jan 15, 2019.

Failure to make payments can lead to penalties and a large tax bill, so timely estimated payments should be a high priority.

If you have any questions about your quarterly estimated payment or any other tax issues, please don’t hesitate to call your tax consultant at Sharrard, McGee & Co., PA at (336) 884-0410 in High Point or (336) 272-9777 in High Point.