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Video instructions and help with filling out and completing Where Form 2220 Reduced

Instructions and Help about Where Form 2220 Reduced

Got us here today to talk to you about the underpayment of taxes your estimated taxes so a lot of our clients don't really necessarily know that if you you know you're supposed to pay quarterly taxes every single quarter right and those quarterly dates are a little funny you know the first ones due April 15 then June 15 then September 15 you'll notice June and September 15 they're actually in the middle of a quarter which is kind of strange but those are do quarterly the last one due January 15th of the following year if you under pay your estimated taxes there could potentially be penalties and interest for that under payment so you need to pay in either 90% of whatever your current year tax bill is so is this going to be 90 percent of whatever your 2023 tax bill is or it's a hundred and ten percent of the previous year so 110 percent of the previous year could be lower it could be higher it could be bigger dollars smaller dollars it could be all sorts of different things so if you and your CPA really need to work out probably at least once a quarter what your quarterly taxes actually are so if you have any questions on this feel free to reach out to our team here at tax goddess always willing to help you calculate this quarterly estimates make sure that you're not paying any underpayment penalties on your quarterly eand of course if you need any strategic tax planning or other tax type advice for your business owners out there definitely let us know so I hope you're having a great day and looking forward to answering any of your questions on any tax topics feel free to write...

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