The Partner Tax Calendar: What to Do Each Quarter
Once you become a partner at a law firm, tax season is no longer a single event in April — it’s a year-round process. With K-1 income, estimated tax payments, firm distributions, and ever-changing obligations, partners must operate on a rolling tax calendar to stay organized, avoid penalties, and reduce stress.
Unfortunately, many partners learn this the hard way — reacting to April surprises, forgetting key filing dates, or scrambling to find liquidity for a large payment that could’ve been planned months earlier.
This article lays out a clear, quarter-by-quarter tax calendar specifically for law firm partners, designed to keep you proactive, compliant, and confident throughout the year.
Why Partners Need Their Own Tax Calendar
As a partner, your income:
Comes from a Schedule K-1, not a W-2
Is not subject to withholding — you must pay estimated taxes
May include state pass-through entity taxes (PTET)
Requires coordination with your firm’s fiscal calendar
You’re also responsible for:
Quarterly tax payments (federal and state)
Annual PTET elections, if applicable
Estimated taxes on other income (e.g., spouse, investments, real estate)
Ensuring liquidity is available at the right time
You cannot afford to treat tax planning as a once-a-year activity. Instead, it must be part of your regular financial rhythm.
Quarter-by-Quarter Tax Planning Checklist
Q1: January 1 – March 31
Key Deadlines:
January 15: Q4 estimated tax payment due for prior year
March 15: Partnership tax return due (Form 1065)
March 15: PTET election due in many states
Early March: Expect your K-1 (timing varies by firm)
To-Do List:
Finalize and send Q4 estimated tax payment (if needed)
Collect and review K-1 from your firm
Confirm PTET election if available — this can lower your federal tax
Review prior year income vs. estimates with your CPA
Set up or replenish tax reserve account for new year
Update your quarterly tax projections for the new income year
Begin organizing documents for your CPA (1099s, investment income, etc.)
Planning Tip:
Use Q1 to create a full-year tax projection based on expected K-1 income, other income sources, and any firm-specific changes.
Q2: April 1 – June 30
Key Deadlines:
April 15:
File or extend prior-year personal tax return (Form 1040)
Pay Q1 estimated tax payment for current year
Pay balance due from prior year (if underpaid)
June 15: Q2 estimated tax payment due
To-Do List:
Finalize and file (or extend) your tax return
Review and make Q1 and Q2 estimated tax payments
Revisit income projections — has anything changed at the firm?
Adjust your quarterly tax payment amounts, if needed
Assess whether your PTET is being paid at the entity level or if you need to supplement personally
Planning Tip:
Q2 is a heavy cash flow period — be sure your liquidity matches your tax obligations. Avoid surprises by updating your tax model if your firm’s distributions or income expectations change.
Q3: July 1 – September 30
Key Deadlines:
September 15: Q3 estimated tax payment due
To-Do List:
Prepare and pay Q3 estimated taxes
Reassess tax savings strategy — are you tracking with your reserve account?
Evaluate whether year-end income might be significantly higher or lower
Start planning for any charitable contributions or Roth conversions to execute in Q4
Reconfirm whether your firm will issue a year-end draw or bonus
Planning Tip:
Q3 is a good time to evaluate any tax loss harvesting opportunities in your investment accounts, especially if markets have been volatile.
Q4: October 1 – December 31
Key Deadlines:
December 31: Deadline for most year-end tax moves (e.g., charitable giving, Roth conversions, 529 contributions)
To-Do List:
Review YTD tax payments — will you owe more in Q4?
If income is lower than expected, consider reducing Q4 estimated payment (due January 15)
Execute charitable donations, especially donor-advised fund contributions
Consider Roth conversions if your income is temporarily down
Maximize any available retirement plan contributions
Confirm whether your state PTET needs additional funding
Finalize Q4 tax reserve amount in preparation for January payment
Schedule CPA meeting to review any open items
Planning Tip:
Use Q4 to lock in final tax strategies and close any gaps between your estimated payments and your projected liability. Also confirm whether any firm-level distributions will hit before year-end, which can affect both cash flow and tax liability.
Annual Partner Tax Calendar Summary
MonthTaskJanuaryQ4 estimated tax payment (prior year), PTET election, tax reserve setupMarchPartnership return due (Form 1065), K-1 reviewAprilFile 1040 or extend, pay Q1 estimated taxesJunePay Q2 estimated taxes, update projectionsSeptemberPay Q3 estimated taxes, assess strategyOctober–DecemberExecute year-end strategies, finalize contributions, prepare for Q4 estimates
Common Pitfalls to Avoid
PitfallSolutionForgetting Q4 payment in JanuarySet calendar reminders for January 15Overpaying early and under-saving laterTrack quarterly cash flow and adjustMismanaging PTET election timingConfirm deadlines with CPA and firmUsing outdated income estimatesRevisit projections each quarterRelying solely on firm for tax guidanceCoordinate with an independent CPA
Best Practices for Staying Organized
Use a dedicated tax savings account
Keep a shared document folder for K-1s, 1099s, and firm communications
Set automated calendar reminders for each tax due date
Coordinate quarterly check-ins with your CPA and financial advisor
Build a 12-month cash flow model to align distributions, investments, and tax needs
Final Thoughts
Tax planning as a law firm partner isn’t something you “do in April” — it’s an ongoing, proactive process. By following a structured tax calendar, you can:
Avoid penalties and surprises
Make smarter financial decisions
Maintain liquidity and peace of mind
Maximize tax-saving opportunities throughout the year
Want help building a proactive tax and cash flow strategy?
Schedule a consultation with Balanced Capital to develop a partner-specific plan aligned with your income, distributions, and long-term goals.