top of page
Search

Simplify Your Tax Life: Master Your Estimated Taxes

axes can be daunting, right? But what if I told you it doesn't have to be that way?

Picture yourself managing your estimated taxes with confidence and ease. I'm dedicated to making that dream a reality, turning estimated taxes from a burden into a breeze.

Here are the tips on how to estimate and pay your taxes:


  • The Basics of Estimated Taxes: If you're self-employed, own a corporation, or have income not subject to withholding, estimated taxes might be an essential part of your financial world.


  • Determining Your Income: Calculate your projected adjusted gross income (AGI), taxable income, deductions, and credits for the year. If your income is steady, last year's figures can be your guide.



  • Leverage the Safe Harbor Rule: Aim to pay at least 90% of this year's tax or 100% of last year's (110% if you're a high-income earner) to dodge underpayment penalties.

  • Adapt to Life's Changes: Major life changes or income fluctuations could mean adjusting your estimated tax payments.

  • Don't Miss the Deadlines: Remember the IRS payment periods - April 15, June 15, September 15, and January 15.

  • Harness the Power of Technology: Tools like the IRS's Tax Withholding Estimator can help nail down a more accurate estimate. Each financial situation is unique, and as a tax professional, I can ensure you're neither overpaying nor underpaying your taxes.



4 views0 comments

Comments


bottom of page