DO YOU NEED TO PANIC ABOUT ESTIMATED TAX PAYMENTS



The United States has a pay as you go tax system, in other words, the IRS collects taxes as you earn income. But for those who are employees, the employer will handle this by withholding amounts from your paycheck for federal and state taxes, as well as payments for Social security and Medicare.

Yet things may be different for someone who is self-employed. If he or she does not setup payroll, then the IRS will want to see estimated payments for the taxes owed.

The IRS wants to make sure if you owe $1,000 or more, you should pay at least all of last years tax liability or 90% of this years estimated tax liability.

We can help you determine the amount due so there are no underpayment penalties involved in the amount owed this year
.