Q. You discussed last week, estimated tax payments. My accountant told me to do them but I missed the first two quarters, what should I do now?
A. You can catch up your payments by making them now. You still might have an underpayment problem but at least you will get the payments in sooner than later. Or, if you have wages or a pension or some kind of payment where income taxes can be withheld, you can increase your withholdings to cover the payments due. Withholdings are deemed to have been paid evenly throughout the year while estimated tax payments are only credited when paid.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment