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Tax Reminder: Quarter 1 Estimated Taxes Due April 15

As a reminder both Quarter 1 corporation and individual estimated taxes are due April 15. For corporation, the $800 California minimum tax is due in one payment.

For California purposes you are expected to pay 30% of your estimated taxes by quarter 1.

Note: If you are a gig economy worker or have part-time consulting income, you are subject to estimated tax reporting as a self-employed person. Many self-employed individuals are unaware that they are responsible for self-employment tax (Social Security and Medicare taxes) which can be as high as 15.3%.

For assistance in calculating your estimated taxes, please contact me today.

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Richard Pon CPA, CFP