If we sold a business on April 10th, do I have to pay the full capital gains tax in one lump sum soon after the sale or can I spread it out in the June, September and January estimated tax dates? Thanks!
When are capital gains taxes from a business sale due?
byu/EnzyEng intax
Posted by EnzyEng
1 Comment
The IRS assumes that you made your income evenly throughout the year. So with a spike in income at any time they assume taxes are due April, June, Sept, and Jan. With a spike in income in April, you would be late for Q1 but can make up for it in Q2.
You can inform the IRS specifically when you earned your income, then they would want the taxes specifically when they are due, in your case June.