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There is a misconception that taxes should only be dealt with once a year during filing. That is not true; check out a couple of myths about taxes! Then contact me so we can get you on the road to freedom from stress with taxes!
Myth Busters with Trish:
Myth: I can pay my estimated in one lump sum at the end of the year.
Truth:
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If you owe more than $1,000, the IRS wants its owed taxes paid during the year.
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Any missed quarterly payment will result in penalties and interest.
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Waiting until the end of the year to file and pay taxes may lead to other financial issues if you fail to reserve enough funds to satisfy your tax debt.
Myth: I missed my payment deadline, I can wait and pay at the next deadline
Truth:
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Missing quarterly deadlines, even by one day, can mean accruing penalties and interest.
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If you miss a payment deadline, your should send your payment as soon as you can.
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You can also appeal any IRS penalties, if necessary. The IRS would rather collect tax payments than collect penalty payments, so any penalties you incur may be forgiven.
*Remember, you should follow the schedule! This is extremely important!*
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