Pretty funny to hear that in August isn’t it? Not really. Maybe you need to scrounge around for those receipts for your donations. Maybe times were tough and you had to cash out your 401k or IRA. Regardless of what is going on in your life, you should always have a pulse on your money and your taxes – no matter what country you are living in.
For those of my readers here in the United States, quarterly taxes are due in usually on 4/15 for the first quarterly payment, 6/15 for the second payment, 9/15 for the third payment and 1/15 of the next year for the fourth payment. You can save yourself a lot of grief and financial hardship by paying any taxes that you owe if you won a lottery, received a bonus or had a great quarter and you are self employed. Remember that the United States tax system is a pay as you go system and that you are responsible for payments and penalties if they are late or there is an underpayment.
If you are running a business, make sure that you have all your receipts if you are doing your own taxes or put them aside for your tax preparer. If you can, update your books with purchases, sales and keep them current. It will make things easier at tax time when you prepare your statements of income, balance sheet and any supporting paperwork.
If you have any other licensing requirements for your business, make sure they are current. The chances are that they are also a tax deduction so save the receipts showing that you made the payments.
If you are planning any major lifestyle changes (like adopting a child or getting married), be sure to save receipts for anything to do with the adoption. If you are planning on getting married, congratulations and may I strongly suggest you read this page in my site? Not planning your taxes nor talking over your income and spending habits is not the best way to start off a honeymoon and yet it is one of the most common issues I find with people when I help them with their tax preparation.
Maybe you are uncomfortable with my advice? You can find other information but remember that when it comes to tax preparation you can ask ten different tax pros and get ten different answers. Fortunately, if you ask me a question I try to give you just one answer – the right one!
Don’t be afraid of asking questions now. If you wait until later in the year it may be too late to undo any damage that is done. Your best bet is to contact tax professionals or start doing your own research now. It will save you a lot of aggrevation after December 31, when for a lot of things, it is too late to adjust the situation for taxes.
Part of all my book proceeds go to research finding a cure for Rett Syndrom and reversal of symptoms.
Questions or comments? Let me know about them! Thanks for taking the time to visit and for more information or to get back to the beginning of the blog, go here.
You are reading from Kim Greenblatt’s blog, profitable on tax preparation and paying quarterly taxes if you owe them now before it is too late!