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It’s been a tumultuous year to say the least! So many of us have experienced changes in income and personal circumstances. There has never been a more important time to gather your year-to-date income and expense information and get those to me so I can do 2020 income tax projections for you.
You don’t want to be surprised come next April when we get your taxes done.
Remember, especially for self-employed people, taxes are due during the year, and not on April 15th. If you wait to pay a tax balance due, you may be subject to penalties and interest for late payment of estimated taxes.
Some of you have experienced a reduction in income. This may mean that your last estimate due this coming January may be reduced or eliminated.
And some of you may have experienced an increase in income and your estimated tax payments would need to be increased due to this.
Either way, with all of the upheaval this year, you definitely want to know exactly where your tax liabilities are right now for this year.
The majority of my clients already know the drill when it comes to doing projections and the information that I usually require.
But it’s pretty straightforward if it is your first time.
If you’re an employee then make sure to get me your year-to-date pay stubs. If you have significant investment income, meaning interest, dividends and capital gains, you also want to provide me that year-to-date information as well and ask your investment advisor what your 2020 projected totals will be in those categories.
If you have a business then you need to also give me your year-to-date net profit and loss for your business.
And finally you want to give me the details of your federal and state estimates that you’ve paid already. This would be the exact date and the amount and if it was for federal taxes or state taxes.
If you are one of the many new clients who hired us this year, remember to send me copies of your 2019 income tax returns as I will need those do an accurate projection for you.
What is the best part about this homework I am asking you to do?
It gives us all a chance to ignore the news cycle for a couple of hours.
I know I need that more than anybody right now!
Of course me and my team are here to help you every step of the way.
Questions? Concerns? Call me on (732) 673-0510.
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Click here to request a consultation or ask me a question.
Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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