Tuesday Tax Time: Mind Your Estimates
I had a client do a smart thing recently. He has paid his first two quarterly estimates but wondered if his business situation warranted him paying his remaining two estimates. To know this, he compared his current business income and expense situation to the prior year.
He properly assessed which parts of his business were different this year than they were last year and came to the conclusion that he probably didn’t need to pay in his last two estimates.
I reviewed his situation and I agreed after a couple of clarifying questions.
Just because your CPA gives you four quarterly tax estimates to make, doesn’t mean your situation won’t change and that you may not need to make all of your estimates before the year is up. ‘Tis the season for fall tax planning. Are you game?
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