Remember June 15 is rapidly approaching. If you are required to make estimated tax payments they should be postmarked by that date.
Considering the down economy, it is a good idea to calculate your income this year, and base your payment on your actual estimated taxable income rather than using 25 % of last year's tax.
The alternative is to base the estimate on your 2008 actual tax, using the safe harbor rules.
If calculated correctly, this method will avoid any penalties regardless of your 2009 tax liability.
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About Me
- Bill
- CPA in private practice since 1977. Providing tax and accounting services to business and individuals. Compilations, reviews and audits. Corporate, personal, estate and trust taxation. IRS CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed on June 20, 2005 by the United States Treasury, I inform you that any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of 1) avoiding tax related penalties or 2) promoting, marketing or recommending to another party any tax-related matters. Users should consult with their own tax advisors.
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