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Tuesday, October 25, 2016

When are estimated taxes to the IRS due?

If you're self-employed, knowing when estimated taxes are due can help avoid any issues with the IRS.

Why is this important for self-employed people specifically? Generally if you are employed, you have taxes withheld from each paycheck. But this is generally not the case with contractors or others who own their own business. This means you may have to pay the IRS estimated taxes throughout the year, and there are deadlines for this.

The next estimated tax due in 2016 is January 15.

Generally the schedule is as follows:

First Quarter: April 15 (Jan 1 - Mar 31)
Second Quarter: June 15 (Apr 1 - May 31)
Third Quarter: September 15 (Jun 1 - Aug 31)
Fourth Quarter: January 15 (Sept 1 - Dec 31)

Your accountant can easily calculate what you owe. If you are using a tax software, generally they can do this as well. You can pay electronically or via check. You can get the address on where to mail a payment here.

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Tuesday, October 18, 2016

How to Calculate Your Tax Withholdings

Did you know the IRS has a withholding calculator? Well, they do! If you are an employee, get your recent pay stubs and income tax return and you can estimate the taxes that your employer will withhold.

These and other online tools are really helpful to understand what you will owe and to budget accordingly. If you owe taxes versus getting a refund, as a general rule, it's always helpful to get this amount as early as possible so you can save enough to pay your taxes in time. It also helps for your overall budgeting as it gives a clear picture of what your net salary will be. You can then plan how much to budget for groceries, bills, rent or mortgage, etc.

Speaking with your accountant or certified financial planner can ensure you calculate this correctly as well as create a budget that fits your needs and lifestyle.

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Tuesday, October 11, 2016

How do I pay the IRS?

It's becoming easier than ever to pay any taxes owed to the IRS.

Just head over to the IRS Payments page. Not only can you make a payment via your bank account, debit card, or credit card, it's also free to pay this way. The IRS also gives the option to pay in payments if you can't afford the entire amount due in one payment. All the links for payment options are on this page.

All payments made online or over the phone are confirmed immediately, so it's quick and easy to make sure the payment is taken care of timely.

If you aren't sure if or what amount you owe, you should receive a statement from IRS about any taxes owed. If not, give me a call and we'll figure it out together!

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Tuesday, October 4, 2016

Tax Deductions You Might Not Know You Can Take

Found this cool infographic over on Turbo Tax's blog about the top 10 tax deductions you aren't taking! Check it out and if you have any questions about whether these deductions might be ones you can take, give me a call! 818-368-5374.

by TurboTax Income Tax Software

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