Tax Planning & Filing

What can our tax advisors do for you?

Our tax advisors solve tax problems through insightful tax planning, ensuring compliance with both complex federal and state tax laws, and providing expert representation during disputes with tax authorities like the IRS.

We meticulously analyze your financial records and devise extensive cost-saving strategies, ensuring you save money and enhance your net savings, and use all applicable tax code to minimize liabilities and improve your net savings.

File your taxes with us today for great savings and refunds!

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Enhance the growth of your business by putting your tax

liabilities and daily business operations under control.

Proactive Planning and Prevention

• Year-Round Tax Planning: Instead of only addressing taxes at filing time, our advisors develop ongoing strategies to minimize future tax liabilities, taking into account major life events (e.g., marriage, home purchase, retirement) or business decisions (e.g., investments, restructuring).

• Optimizing Deductions and Credits: We leverage our in-depth knowledge of the constantly evolving tax code to identify all eligible deductions, credits, and relief measures, ensuring clients don't overpay or claim invalid items that could trigger an audit.

• Choosing the Right Business Structure: For business owners, we provide guidance on the most tax-efficient business structure to reduce ongoing tax burdens.

• Implementing Effective Record-Keeping: Our tax advisors help establish proper bookkeeping systems and documentation procedures to ensure accuracy and compliance, which is crucial for preventing discrepancies that lead to audits or penalties.

Reach out to a tax advisor today: 339-226-6483

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Who must pay quarterly taxes?

Individuals, including self-employed individuals, business owners, investors, and others, must generally pay quarterly estimated taxes if they expect to owe $1,000 or more in federal taxes for the year and their withholding and credits won't cover their full tax liability. Corporations must make estimated payments if they expect to owe $500 or more.

The IRS wants Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.

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People and businesses often need to make quarterly estimated payments on income not subject to standard tax withholding, such as:

• Self-employed individuals: Sole proprietors, partners, independent contractors, freelancers, and gig workers.

• Investors: Individuals with significant income from interest, dividends, or capital gains from selling assets.

• Landlords: Those who earn rental income.

• Recipients of other non-wage income: This includes alimony, prizes, and awards.

• W-2 employees whose regular paycheck withholding is not enough to cover their total tax bill.

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Requirements to Avoid Penalties (Safe Harbor Rules)

Generally, to avoid an underpayment penalty, you must pay enough tax throughout the year to cover either:

• 90% of your expected tax liability for the current year, or

• 100% of the total tax shown on your previous year's tax return

For higher-income taxpayers (those with an Adjusted Gross Income over $150,000, or $75,000 if married filing separately), the prior-year liability threshold increases to 110%.

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How do you pay your estimated taxes?

Our tax advisors can help you. As an IRS approved e-File provider, we can submit your estimated taxes using the Electronic Federal Tax Payment System (EFTPS), which is the easiest way for individuals as well as businesses to pay federal taxes.

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Is there any penalty for not paying estimated taxes?

Yes, the IRS imposes a penalty for the underpayment of estimated taxes if you do not pay enough tax throughout the year through withholding or quarterly estimated tax payments. This penalty is essentially an interest charge for the use of money that should have been paid to the U.S. Treasury earlier.

Penalty Details

• When it applies: You generally face a penalty if you owe $1,000 or more in taxes when you file your return, after subtracting your withholdings and credits. The penalty can apply even if you are due a refund at the end of the year if your payments were not made on time in each payment period.

• How it's calculated: The penalty is based on the amount of the underpayment, the period the underpayment was due and unpaid, and a quarterly interest rate set by the IRS. For individuals, the interest rate for the entirety of 2025 is 7% per year.

• Failure-to-Pay penalty: In addition to the underpayment penalty, if you don't pay the total amount owed by the tax filing deadline (typically April 15), you may also be charged a separate failure-to-pay penalty of 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid, up to a maximum of 25%.

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If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

Reach out to our tax advisors and get a comprehensive tax plan - 339-219-8850