Estimated tax: why the four payments are not equal quarters
April, June, September and January cover three, two, three and four months of income (sample note).
Your tax year, date by date
Penrose Lane Accounting (sample) prepares tax returns, keeps the books and runs payroll for people and small businesses in Springfield. We work to these dates and send you a reminder a month before each one that is yours.
Next due 31 October: Q3 payroll return for employers (sample)
Month
You
Your business
Your employees
Jan
15YouFourth-quarter estimated tax
31Your employeesW-2s and 1099s to workers, Q4 payroll return
Feb
No filing dates. Send us your records for April.
Mar
15Your businessPartnership and S corporation returns
Apr
15YouTax return and first-quarter estimate
15Your businessCorporation return
30Your employeesQ1 payroll return
May
No filing dates.
Jun
15YouSecond-quarter estimate
Jul
31Your employeesQ2 payroll return
Aug
No filing dates. A good month for a mid-year check.
Sep
15YouThird-quarter estimate
15Your businessExtended partnership and S corporation returns
Oct
15YouExtended tax return
15Your businessExtended corporation return
31Your employeesQ3 payroll return
Nov
No filing dates. Year-end planning meetings.
Dec
No filing dates. Year-end planning meetings.
US dates for calendar-year filers (sample). A date that falls on a weekend or public holiday moves to the next working day. The ring marks the next date due.
Tax and accounting services
Each service has its own dates in the register and a fixed fee, agreed in writing before we start.
Personal tax returns
We prepare your return from your records, go through it with you and file it once you have signed.
Dates
15 Apr, or 15 Oct with an extension
Fee
from $240
Estimated tax
For income without tax taken off: we work out the four payments and send you the amounts before each date.
Dates
15 Apr, 15 Jun, 15 Sep, 15 Jan
Fee
$160 a year
Rental income
Rent, repairs, insurance and depreciation for one or more lets, reported on your return.
Dates
With your return
Fee
from $180
Bookkeeping
Monthly books from your bank feeds and receipts, with a short report you can read in five minutes.
Dates
Closed by the 10th of each month
Fee
from $180 a month
Payroll
Pay runs, payslips, payroll returns and year-end forms for up to 25 employees.
Dates
30 Apr, 31 Jul, 31 Oct, 31 Jan
Fee
from $90 a month
Business tax returns
Partnership, S corporation and corporation returns, with the figures your own return needs.
Dates
15 Mar or 15 Apr; extended 15 Sep or 15 Oct
Fee
from $1,200
Example prices. The fee for your work is in the quote you sign.
Who we work with
Most of our clients are people with one or two things that make a return less simple, and small businesses with a handful of staff.
Employees with side income
Wages plus freelance work, savings, shares or a pension.
Freelancers and sole proprietors
Income without tax taken off, expenses and the four estimated payments.
Landlords
A room, a flat or a few houses: rent, repairs and what can be claimed.
Small companies and partnerships
Books, payroll and the business return, plus the owners’ own returns.
Four steps, the same every year
Whether it is one return or a company’s books, the work runs in this order.
1
A first meeting
Thirty minutes, at the office or by video, at no charge. We look at what you have and which dates are yours.
2
A fixed quote in writing
The work, the fee and the dates. If something changes later, we tell you before we do more.
3
You send your records
Through a secure upload link, by post or at the front desk. We ask questions in one list, not one by one.
4
You check and sign
We go through every return with you. Nothing is filed until you have read it and signed.
Fixed fees
You know the fee before we start. It covers the work in your quote, our questions and one meeting to go through the result.
Individual tax return, wages and savings
$240
Return with self-employment or rental income
from $480
Estimated tax, four payment calculations
$160 a year
Bookkeeping, up to 60 transactions a month
from $180 a month
Payroll, up to 5 employees
from $90 a month
Partnership or S corporation return
from $1,200
Tax planning meeting, one hour with written notes
$150
Example prices.
Included
- A reminder a month before each of your dates
- Answers by email or phone during the year
- Electronic filing and a signed copy for your records
Quoted separately
- Late or amended returns for earlier years
- Replies to tax office reviews and audits
- Catch-up bookkeeping
What to send us
Most returns need the same papers every year. Send what you have; we ask once for anything missing.
For your own return
- Last year's return and any letters from the tax office
- Wage statements (W-2) and 1099 forms
- Interest and dividend statements
- Receipts for deductions you want to claim
- Estimated payments you made, with dates
For your business
- Bank and card statements for the whole year
- Sales and expense records, or access to your bookkeeping
- Payroll reports and year-end forms
- Loan statements and asset purchases
- Last year's business return
Questions we hear every week
Do I need an accountant for a simple return?
Not always. If your income is wages and savings only, filing yourself may be enough, and we will say so in the first meeting.
How do your fees work?
Every piece of work has a fixed fee in a written quote, agreed before we start. If the work changes, we tell you and agree the difference first.
What if I have missed a date?
Come and see us as soon as you can. We prepare late returns and explain what usually happens next; how the tax office responds is up to the tax office.
Can you deal with the tax office for me?
Yes. With your written authorisation we can speak to the tax office about your file and reply to its letters.
Do you work with clients outside Springfield?
Yes. First meetings work well by video, and records can be sent through a secure upload link.
How long should I keep my records?
At least as long as the tax office can review the return. We suggest seven years for most papers; ask us about your own case.
Tax notes
What to keep: receipts, statements and letters
A short list of the papers worth keeping, and for how long (sample note).
Your first employee: the payroll dates to know
Four quarterly returns and one busy week in January (sample note).
The office on Penrose Lane
41 Penrose Lane, Springfield (sample)
First floor, step-free access by the side door
Monday to Friday
9:00–17:30
Thursday evenings
until 19:00
Saturdays, February to April
9:00–13:00
Opening hours (sample). Parking on Bell Yard, two minutes’ walk.
