Our goal for you with a tax plan is for you to feel at ease when tax time rolls around. We take your current financial info and use it to forecast your tax bill for the year. If you file with someone or have dependents we will work that into the report. If you have a rental property and have income and expenses along with it - we will provide a worksheet to fill in all those blanks. It’s important to provide us with this information to make it as accurate as possible.
The quarterly payments we've calculated are intentionally "estimated" - they're designed to meet the IRS minimum requirements to avoid penalties, which means paying either:
We currently haven't factored in all possible deductions since many of these need to be calculated at tax time. Instead, we're focusing on meeting these minimum thresholds based on your projected profit.
We will include all expenses when we get to your tax return. Deductions all have different phase-outs, which is why we wait until final income numbers to calculate all the smaller deductions. This is an IRS standard for calculation of estimated payments to be compliant.
REMEMBER YOU ARE MAKING A Current Year ESTIMATED INCOME TAX PAYMENT. This is not a business tax. This is not sales tax. It is a personal tax and should be paid from personal funds. You can not claim these payments as expenses to the business.
Because of this being a personal tax YOU will be responsible for making this payment.
How to make payments 💰
We will send you a task each quarter with clear instructions and options to upload your documents. If we handle your payroll - we have your paystub. Once we can confirm we have everything we need we will create a report tailored to you and what to expect.