One of the most important things you can do right now is to get a handle on a good, solid estimate of your current year’s tax liability. Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments.
Are you paying enough withholding tax? If you find that you have not paid enough to avoid penalties in the first few quarters, you may want to increase withholdings from income, such as your salary or a pension. Withholding is considered paid evenly throughout the year, even if it’s done later in the year, so it is a good tool to help reduce or avoid penalties.
There are various strategies that can be employed to either reduce or defer your taxes. Schedule a consultation with us and we can review and advise to avoid any possible penalties.
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