Tax Consultation

How can I help you pay the least amount of taxes?

I will look at the types of things you spend money on. Did you search for a new job? Do you contribute to an IRA or 401K? Did you adopt a child last year? Did you install a new heating system in your home? Did you pay for financial planning services? Did you make any charitable contributions?

I can also help you properly determine what your full profit or loss is when you sell something. Are you getting the most out of properly depreciating rental or business assets?

The issue of estimating your tax liability is also an area where I help you. Did you know that the IRS will penalize you if you do not pay in enough of your tax liability through withholding or estimated taxes?

What are estimated taxes?

You’re required to pay estimated taxes if you receive income from which taxes aren’t withheld, including money from self employment, investments and alimony, and your tax is expected to be $1,000 or more. Here are a few good things to know about estimated tax payments:

• The payments are due April 15, June 16, Sept. 15 and Jan. 15.
• If you fail to pay enough on each installment due date, you may be subject to the penalty for underpayment of estimated tax - even if your return shows a refund.
• If you pay in as much as your tax liability for the previous year, you can pay your balance due without penalty when you file your return, regardless of the amount.