Extended Returns for 2017 and Estimated Taxes for 2018

If you paid estimated taxes for 2017, you should plan on paying estimated taxes for 2018 even if we have extended your 2017 tax return. You should at least pay in the same federal and state quarterly amounts for 2018 that you paid in 2017. I will adjust the 2018 estimates when I finish the 2017 tax return. The next quarterly estimate is due on June 15 so it would be helpful if we could finish your 2017 tax return by then. You pay an underpayment penalty of 5% on an annual basis for unpaid 2018 federal taxes at each quarter due date. The GA amount is even higher. Let me know if you need any quarterly estimate forms.

Extensions

Individual tax returns for 2013 can be extended to 10/15/2014. You can't extend the time to pay your taxes which were due on April 15, 2014, only the time to file the return. Any unpaid tax is subject to interest and late payment penalties until you pay it. Georgia charges 1% a month on unpaid taxes. Estimated taxes for 2014 which are due quarterly on 4/15/14, 6/15/14, 9/15/14 and 1/15/15 are also difficult to calculate without having done the 2013 tax return. Partnership and corporate returns for calendar year 2013 can be extended to 9/15/2014. You will have to pay a small penalty on the Georgia net worth tax for Sub S corporate returns filed later than the original due date of 3/15/2014. To avoid surprises, it is a good idea in my opinion to file these returns as soon as possible. Don't wait until the last minute.