Hello everybody!
Just a reminder that 2023 Extensions & 2024 1st quarter estimates are due by 4-15-23
* if you have an s corporation or multi-member LLC, those were due last month, on 3-15-24)
* see also information below for Arts tax, BOI & reporting of Foreign Bank Accounts.
1ST QUARTER 2024 FEDERAL & OREGON ESTIMATES ARE ALSO DUE BY APRIL 15, 2024! City of Portland/Mult Co/Trimet/MET-40/MC-40 too, if you are required to pay those.
Obviously, that causes problems for those who have not calculated & filed their 2023 income taxes by April 15th. So, what amount should you pay to avoid penalties?
Here's some direction...
If I've already prepared your 2023 individual income tax returns... there is a schedule of 2024 estimates in your tax letter, if you asked me to help prepare estimates for you. Please remember to pay the 1st one by 4-15-24. Do that online or if you mail the payment & vouchers (1040-ES & OR-40V), i recommend that you mail them using "certified mail" (or pay online) in order to prove timely filing & payment. Be sure to keep copies of what you file and what you pay!
If you have not provided me complete 2023 tax information by now, with all questions answered... I cannot tell you what to pay by April 15, 2024, since i don't have the information to calculate accurate 2024 estimates or even a safe harbor amount to pay. As such, I cannot file any extension forms for you. Please see my tax letter in the "organizer package" that was mailed to you last December 20th, indicating my March 28th deadline for complete & final information. That cut-off date is necessary, since professional tax preparation just can't be rushed for clients in the last 2 weeks before a tax deadline.
I suggest that you use the information below to calculate your 2023 extension payments & 2024 estimates & then overpay all those amounts by at least 25%, and peruse the links below. Extensions/Estimates are needed for IRS/Oregon/Trimet/City/MET/MC.
The following links access general information on estimated taxes, a 2024 IRS and Oregon tax calculator, forms 1040-ES, OR-40V, City BZTV, OR-TM-V, & the new MC/Metro PIT-V, and electronic filing.
I am happy to talk you through this! I am available for consultation by email or phone. Just email me at cpa@garlandtaylor.com if you need that extra help. I can also email you a pdf extension package of instructions & blank forms for YOUR use and a letter of instruction, at your request. But all forms and calculators appear below... Garland
Garland Taylor CPA, Pres. GARLAND TAYLOR CPA, PC
I N T E R N A L R E V E N U E S E R V I C E
Estimated Taxes | Internal Revenue Service (irs.gov)
Tax Withholding Estimator | Internal Revenue Service (irs.gov)
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
Payments | Internal Revenue Service (irs.gov)
O R E G O N
https://www.oregon.gov/dor/forms/FormsPubs/publication-or-estimate_101-026_2023.pdf
State of Oregon: Individuals - Tax calculator (hasn't been updated to 2024, fyi)
Form OR-40-V, Oregon Individual Income Tax Payment Voucher, 150-101-172
State of Oregon: Oregon Department of Revenue - Payments
C I T Y O F P O R T L A N D & Mult Co (business & rentals only)
bztv_20210201_final.pdf (portland.gov)
Payments | Business Taxes | The City of Portland, Oregon
T R I M E T T A X
Form OR-TM-V, TriMet Self-employment Tax Payment Voucher, 150-555-172 (oregon.gov)
NEW - M E T - 4 0 & M C - 4 0 t a x e s (for preschool & housing)
Personal Income Tax Filing and Payment Information | Portland.gov
Revenue Division Forms | Portland.gov
PDX Arts tax filing by 4-15-24 & anyone with Foreign bank accounts also need to file by April 15th each year. The new BOI report needs to be filed by 1-1-25, if your business started before 2024, and within 90 days, if after. Those are not income tax filings, so my CPA firm doesn't help with those, but here's a link with information and YOUR tax filing responsibilities.
Arts Tax Filing and Payment Information | Portland.gov
Report of Foreign Bank and Financial Accounts (FBAR) | Internal Revenue Service (irs.gov)
File FBAR Online - Report of Foreign Bank Account Reporting (efilefbar.com)
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