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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 due quarterly. The last one due January 15th of the following year. If you underpay your estimated taxes, there could potentially be penalties and interest for that underpayment. 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 2017 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. We're always willing to help you calculate these quarterly estimates and make sure that you're not paying any underpayment penalties on your quarterly. And 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...