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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12163
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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When are 945 taxes due? Quarterly? or Annually before Jan 31

Resolved Question:

When are 945 taxes due? Quarterly? or Annually before Jan 31 or with 945 tax return if it's less than $2500? Please advise.
Submitted: 9 months ago.
Category: Tax
Expert:  Megan C replied 9 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today

Megan C :

IRS Form 945 is due ANNUALLY, with a due date of January 31 - unless you have paid all taxes already during the year, in which case you have until February 11.

Megan C :

See the instructions to the form, HERE

Customer:

Yes, I understand form 945 is due Jan. 31. How often should taxes be paid? Can you pay with form 945 if the amount is less than $2500?

Megan C :

Hold on a min let me verify

Megan C :

You would have to submit these payments monthly, same type of deposit schedule as regular payroll tax withholding

Megan C :

Unless you are considered a semi-weekly depositor, and you would have to be fairly large for that.

Customer:

so monthly before 15th of each month?

Megan C :

That is correct

Customer:

Publication 15, section 11 states "$2,500 threshold for the deposit requirement discussed earlier applies to form 945 on an annual basis"

Megan C :

or you can pay it, rather

Megan C :

If you owe $2,500 or less, you can file it annually with your return

Customer:

Please let me know if I understand it correctly. So, the deposits should be made on a monthly schedule, but you can pay when you file the return if the amount is less than $2500

Megan C :

yes, that is correct

Customer:

and will not incur penalties

Megan C :

That is correct

Customer:

understood. thank you.

Megan C :

You're welcome.

Megan C :

If you would, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

one more questions, are there CA LLC min taxes due for a single member LLC?

Megan C :

Yes, you would have to pay the minimum taxes for a smllc

Megan C :

See HERE

Customer:

thank you

Megan C :

You're welcome

Megan C :

Is there anything else I can help you with? If not, please rate as "excellent" so that I may receive credit for assissting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12163
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you
Expert:  Megan C replied 9 months ago.
Thanks, Sarah for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.

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