The next tax estimate is due September 15. The IRS requires tax estimates to be paid quarterly throughout the year, as you earn money. This is the time of the year to do some tax planning. One aspect of tax planning is to ensure you have adequately paid in estimated taxes so you can avoid penalties for not paying in enough. Another reason for tax planning is be proactive. Proactively you may be able to reduce your future tax liability. When you file a return your options for tax planning are limited. However, tax planning before the end of the year, you may be able to make some decisions that will decrease your tax liability.
If you need assistance with calculating or estimated payment or you want to be proactive and have some tax planning done, please give me a call, 941-358-8275.