As we approach the second half of the year, I wanted to take a moment to discuss the importance of estimated tax payments and how they can impact you.
Why Estimated Tax Payments Matter
Estimated tax payments help you manage your tax liability throughout the year, avoiding large payments and penalties during tax season. They are especially crucial for business owners, self-employed individuals, and folks that have substantial unearned income (interest, dividends, rent) with no taxes withheld.
Quick Rule of Thumb
A good rule of thumb I’ve found is to pay:
– 20% of your profit/unearned income as estimated tax to the federal government
– 10% of your profit/unearned income as estimated tax to the state
In-Depth Guidance
To help you navigate this, I’ve created three detailed video lessons:
– **Video 1: Understanding Estimated Tax Payments** https://www.loom.com/share/
– **Video 2: Calculating Your Estimated Taxes** https://www.loom.com/share/
– **Video 3: Tips for Managing Tax Payments** https://www.loom.com/share/
These lessons are thorough and may seem complex, but they contain valuable information for you.
Need Help?
If you’re feeling overwhelmed, don’t worry! The information is great to know, but relying on an expert is often the best route. I’m here to help.
If you owed taxes for 2023, the amounts for 2024 should already be calculated on the cover letter of your 2023 tax return.
The down and dirty method is above and is FREE. The resources I’m providing you to do on your own are also FREE.
Special Offer
– **Paid $960 or more in taxes last year?** I’ll calculate your estimated payments for FREE. Just set up a time with me or respond to this email.
– **Paid $959 or less?** I can still help for a fee of $150.
Additionally, I’ve included an Estimated Tax Calculator Guide https://drive.google.com/
Feel free to reach out if you have any questions or need assistance with your estimated taxes.
