If you’re self-employed or work at a job that doesn’t withhold adequate taxes from your paycheck, you may need to pay estimated taxes quarterly throughout the year. Why do you need to pay quarterly instead of simply waiting until the end of the year to find out the total you owe? The IRS can impose penalties for underpayment if you owe more than a certain amount and failed to pay during the year. Estimated taxes allow you to avoid getting hit with underpayment penalties—while also helping you break your tax burden into more manageable chunks.
At Price Advantage Accounting, we specialize in helping Orlando-area taxpayers through all sorts of problems, including dealing with estimated tax payments and related penalties. Whether you’ve been stuck with tax penalties in the past and want to avoid them going forward or you want to stay on top of your new self-employment status from the get-go, we’ll be there for you. We have more than 40 years of experience among our team of tax resolution specialists, and we’ll be able to swiftly and accurately guide you toward the best solution for your situation.
Ready to discuss your estimated tax payments with us? Call or e-mail us today!