J.J. Luckey & Company Certified Public Accountants offers a wide variety of tax and financial services for Gainesville, FL, Alachua County, and the surrounding area. The following are some current tax tips that may benefit you in the coming tax season.
2009 Estimated Tax Payments for Small Businesses
June 1, 2009
As a self employed individual, not knowing where you stand with your estimated tax payment for 2009 and trying to stay on target may be cause for concern. Being prepared for filing your taxes next April will eliminate any surprises and the chances of being charged a penalty for underpaying your estimated taxes.
An underpayment penalty generally won’t apply if your quarterly estimated tax payments total at least 90% of your 2009 tax liability. All taxpayers who pay estimated taxes have this option. If you want to, you can base your quarterly estimates on 90% of your 2008 tax liability. This estimated tax option is available for this year only, and it’s confined to small business people who meet certain tax law requirements. (Other taxpayers who want to base their estimated taxes on last year’s tax liability can pay either 100% or 110% of the tax shown on their 2008 return, depending on their income.) Also doing a mid-year tax projection before the next estimated tax payment is due would help you evaluate your situation and determine whether you need to make any adjustments to your tax estimates.
If you want to get a head start on your tax planning, now would be a good time to review your tax situation with us. We are here to take the burden of your concerns related to your tax needs. Contact us soon to get started.