February 14th, 2016

TAX TIP OF THE DAY...  Do you owe the IRS every year?

If you owe the IRS less than $1k, there is no problem other than the pain of writing the check.  But no penalty.  But if you don't want to owe each year, it is an easy fix.  

STEP 1: Increase tax withholdings.  Look for income sources with no or very little withholding....  social security, part-time W-2's, 1099s.  Complete a new W-4 and choose single-zero if you want to maximize withholding.
STEP 2: Identify more tax deductions.
STEP 3: As a last resort...  quarterly estimated tax payments on form 1040-ES.

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If you need a tax appointment... www.baboiancpa.com