When it comes to taxes, getting started can be daunting. Quarterly taxes are no exception. For business owners based in Chicago, understanding the ins and outs of quarterly taxes is especially important. It's important to keep up-to-date on deadlines, federal and local laws, and document gathering and filing requirements to avoid penalties. Knowing where to turn for high quality, cost-effective legal services is essential. To help you get started and stay on top of quarterly taxes for your business in Chicago, this article will outline the necessary steps and provide resources you can trust for a successful experience.

What Are Quarterly Taxes?

Quarterly taxes are payments of estimated taxes that must be made on a quarterly basis. This includes self-employment taxes, income taxes, and withholdings that the IRS requires, as well as state taxes where applicable. According to the IRS, estimated taxes must be paid on income that isn't subject to any withholding tax. You must make estimated payments quarterly if you expect to owe taxes of $1,000 or more when you file your return.

When Are Quarterly Taxes Due In Chicago?

Quarterly taxes in Chicago follow the federal estimated tax payment deadlines. That means your first payment covers income earned from the beginning of January to the end of March, with the payment due by April 15th of the same taxes. This is the same date you'll use for the second quarter, covering April 1st through June 30th. Keeping track of this information can be confusing, so it's important to know the deadlines and make sure you submit your taxes on time.

Failure to pay taxes on time may result in you incurring a penalty from the IRS. Quarterly taxes are due on the 15th of the fourth, sixth, ninth, and twelfth months of the year. Penalties are calculated based on the amount of the tax owed and the amount of time it was late.

Where to Get Help With Quarterly Tax Returns in Chicago

Gathering the necessary documents to file quarterly taxes can be a long and tedious process. It’s also difficult to stay up-to-date on changing federal and local laws, as well as filing deadlines. This is why seeking legal help can be a great decision. Finding a lawyer who understands local regulations and can provide cost-effective legal services can be key to a successful quarterly tax return experience.

UpCounsel is one great resource business owners in Chicago can turn to for legal counsel regarding quarterly taxes. UpCounsel’s network of experienced lawyers come with profiles that display their client ratings and reviews of recent work, giving users the opportunity to find the right legal counsel for their needs.

To summarize

Payments of estimated taxes are due quarterly. This includes both federal taxes, as well as any applicable state taxes. In Chicago, quarterly taxes are due on the 15th of the fourth, sixth, ninth, and twelfth months of the year. If you have difficulty with filing, gather your documents and seek legal help to make sure that your taxes are done accurately and on-time. UpCounsel is a great resource for cost-effective legal services.


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