fbpx

TL;DR Accounting Blog

What the Heck Do I Do About Estimated Taxes?

What the Heck Do I Do About Estimated Taxes?

What the Heck Do I Do About Estimated Taxes? Quarterly taxes, business taxes, estimated tax payments — are these all the same thing? Federal estimated tax payments are quarterly payments paid on your business or self-employed income. In Washington State, we also have State Business and Occupancy taxes. Do I need to make estimated tax payments? If you fall into both of the following categories you had better pay in estimated taxes: You are expecting to owe at least $1,000 or Your withholding will be less than: the smaller of 90% of your 2019 taxes or 100% of your 2018…
Read More
What if I Can’t Afford to Pay My Taxes?

What if I Can’t Afford to Pay My Taxes?

What happens if you owe taxes and can’t afford to pay them all at once? First, don’t panic and don’t ignore your taxes. The IRS has several different options available to those who owe taxes. The easiest option is a payment plan. If you owe less than $50,000 in taxes, you can apply for a payment plan. A short-term agreement option is available if you can pay the full amount of back taxes within 120 days. This method does not assess a user fee to set up the plan, though you’ll still be responsible for paying penalties and interest. An…
Read More
How to File an Extension In 2018

How to File an Extension In 2018

If you’ve waited until now to contact a tax professional or CPA about filing your taxes, you’ve likely been told the bad news: they’re booked or they will need to file an extension on your behalf. If you haven’t yet found a professional to file your taxes and you don’t want to file on your own, you should file an extension yourself as the deadline for doing so is just around the corner. An extension buys you a grace period so a professional can still assist you after the tax filing deadline. An extension does not, however, extend the time…
Read More