4 Easy Ways to Start Your 2013 Tax Planning and Save Money
by Thomas F. Scanlon, CPA, CFP®
The New Years Resolutions are starting. We will see how long they last.
Many people feel income taxes are going up. Im confident they are for the higher income earners.
Now its time to start your 2013 tax planning. Here are 4 easy ways to start:
1) Set up a Folder for Your Documents
Estimated Tax Payment Vouchers
Unreimbursed Employee Expenses
Health Savings Account Activity
2) Monitor Your Withholding
3) Review Your Estimated Tax Payments
Estimated taxes are due on January, April, June and September 15th. Complete IRS Form 1040-ES for the federal estimated tax payment. Connecticut taxpayers need to complete Form CT-1040-ES.
Failure to have enough income taxes paid either through withholding and/or estimated tax payments will result in an underpayment penalty. To avoid this penalty, taxpayers whose prior year adjusted gross income was under $150,000 need to have paid in 100% of the prior year tax. For taxpayers whose prior year adjusted gross income is over $150,000 they need to have paid in 110% of the prior year tax.
4) Review Your Required Minimum Distribution
Take these 4 easy steps to start your tax planning and save money.
If you need assistance with your tax planning please give us a call.
Thomas F. Scanlon, CPA, CFP® is with Borgida & Company, P.C., Certified Public Accountants in Manchester, Connecticut, celebrating 44 years of tax, advisory and accounting services. Please call (860) 646-2465 or email firstname.lastname@example.org if you would like more information.
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