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When are 945 taxes due? Quarterly? or Annually before Jan 31

or with 945 tax return...
When are 945 taxes due? Quarterly? or Annually before Jan 31 or with 945 tax return if it's less than $2500? Please advise.
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Answered in 4 minutes by:
10/3/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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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
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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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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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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