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Category:
Tax Planning

Do I Need To Start Making Estimated Federal Income Tax Payments?

Updated 12/1/2023

Income tax planning is critical to your clients’ financial success. Navigating our complicated federal pay-as-you go income tax system can be difficult. Adding further complexity, you must understand and adapt to changes in tax laws and in your clients’ personal circumstances. In each tax year, it is important to ensure that clients are properly paying their federal income tax liability in order to avoid penalties. Frequently, clients may need to make estimated payments to avoid penalties for late payments and/or underpayments.

To help you guide your clients through an estimated payments analysis, we have created this flowchart. The decision points identify factors that may trigger a need to make or increase estimated payments, including:

  • Self-employment, rental, and investment income
  • Unexpected increases in income
  • Multiple sources of income
  • Underwithholding
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Important Numbers
Category: General, Tax Planning
Will The Deductibility Of My Retirement Plan Contributions Be Impacted By The QBI Rules?
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Will I Receive A Step-Up In Basis For The Appreciated Property I Inherited?
Category: Tax Planning, Estate Planning
Will I Receive A Step-Up In Basis For This Gifted Property?
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Can I Do A Net Unrealized Appreciation (NUA) Distribution?
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Will My Roth IRA Conversion Be Penalty-Free?
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Should I Contribute To My Roth IRA Vs. My Traditional IRA?
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Will I Have To Pay Tax On My Qualified ESPP?
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What Will Have The Least Tax Impact: Harvesting Capital Gains Or Roth Conversions?
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Is My Rental Property Tax Deductible?
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Where Should My Next Dollar Go?
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