Quarterly Taxes Due in Los Angeles: How to Get Started
Taxes due quarterly can be a daunting task to manage for business owners, but it doesn’t need to be3 min read
Taxes due quarterly can be a daunting task to manage for business owners, but it doesn’t need to be. It's important to understand the specifics and associated deadlines to remain compliant in all cases. Quarterly taxes refer to taxes the self-employed and small business owners typically have to pay.
For businesses in Los Angeles, that means they’ll need to understand some particular rules and regulations in regards to their filing requirements and payment due dates. Fortunately, you have a variety of resources you can utilize, from hotlines to legal support, to ensure you stay in compliance with all applicable taxes due. This article will help you ensure you have all the necessary information that you need to remain in compliance with quarterly taxes due in Los Angeles.
What are Quarterly Taxes?
In simple terms, quarterly taxes refer to the taxes due to the Local, State, and IRS from the business. The collected taxes are used for various public services such as education, roads, and other government agencies. Businesses need to pay the taxes on various due dates to stay compliant. Such taxes due during the financial year include estimated taxes, Federal and State corporate income taxes, and Employment taxes such as FICA.
In the context of Los Angeles, business owners are required to adhere to the filing requirements and payment due dates as set by the state of California. This includes adhering to the California tax deadlines, dealing with their Federal tax obligations, and also paying any necessary amounts on time.
When Are Quarterly Taxes Due in Los Angeles?
For businesses in Los Angeles, quarterly taxes are due on the 15th of the months of:
1. April
2. June
3. September
4. January
For the month of April, individuals have to pay their estimated taxes and for the month of January, they have to file their income taxes for the prior fiscal year.
Late Payment Penalties
It’s important to note that there are penalties associated with the late filing of quarterly taxes. Businesses in Los Angeles must pay all taxes due in a timely manner in order to avoid such penalties. Late payment penalties include accrued interest and potential penalties of up to 25% of the taxes due.
Helpful Resources
When it comes to dealing with quarterly taxes, businesses based in Los Angeles have access to a variety of resources to help ensure they remain in compliance.
The IRS runs a phone hotline, which is accessible to those who are not aware of their filing requirements and deadlines. Additionally, the Small Business Administration (SBA) also provides helpful assistance regarding the various types of taxes that businesses are required to pay.
Moreover, those looking for legal support often turn to UpCounsel for their needs. UpCounsel’s network of experienced lawyers provides legal assistance with a variety of services, from ongoing consults to entire freelance legal departments. Their attorneys have an average of 14 years of experience in the industry and profiles of these attorneys display ratings and reviews of their prior work as well.
Lastly
To remain compliant with the Los Angeles City and its associated taxes due, business owners should understand the regulations set out by the state. This includes having a clear understanding of the filing requirements and payment due dates. If the required taxes are not paid on time, businesses can incur late payment penalties.
Fortunately, there are a variety of resources available to businesses in Los Angeles, ranging from phone hotlines to experienced attorneys, which can help guide business owners in understanding and staying compliant with their quarterly taxes due.
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