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Estimated tax payments are not just about reflecting on the past.
I’m sure you’re aware that accurate estimates can help you avoid a large tax bill at the end of the year. That’s why working with a tax professional is always a good idea. But here’s something else to consider:
Instead, they should serve as a proactive tax planning tool that helps you look into the future, shaping your business practices and prompting you to build a strategy to reach your goals.
Of course, estimating tax liability on the income, you haven’t yet earned can be tricky.
But I can help ensure your estimated tax payments are as accurate as possible.
And if you’d like a free tax assessment, where I can show you potential areas in which you might be overpaying the IRS, would you be interested?
The most common exemptions are for alimony paid to a former spouse, child support paid to a non-custodial parent or guardian, interest from U.S. Savings Bonds issued after 1989 and most types of Social Security benefits.
The most common deductions are contributions to qualified retirement plans like 401(k)s or IRAs, student loan interest paid during the year and tuition expenses for higher education paid during the year.