12/16/2022
🧐Did you know that taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments? (save and share)
If you are in business for yourself, you generally need to make estimated tax payments.
Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.
If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty.
You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.
Individuals, including sole proprietors, partners, and S corp shareholders, generally have to make estimated tax payments if they expect to owe tax of $1k or more when their return is filed.
They don’t make it easy on us 😪which is why as the new year is approaching, I am opening up a few more slots to help you save yourself thousands in money, time, and stress.
Secure your call today! or give us a call at 347-627-0060.
#2023
