Deadline for Corporate Estimated Taxes

Today is the deadline for the fourth installment of estimated taxes for 2024 for calendar year C corporations. Estimated tax is due if corporations expect to owe $500 or more in federal income taxes when they file their Form 1120. Underpaying estimated taxes can result in penalties. C corporations projecting tax losses for 2024 may want to forgo or adjust the final estimated tax payment so they don’t have to wait until filing the return to obtain a tax refund. Of course, if they do overpay by at least 10% of the expected tax liability (and it’s at least $500), they can file for a quick refund after the end of the tax year, but before the due date of the return. #IdeaoftheDay