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Quarterly tax deadline requirement ⏳

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Hi,

Just an update: the IRS updated their interest rate from 3% to 8% for underpayment. If you owed last year, the interest this time will be significant. Just a few notes:

  • Some thoughts we received from others were “3% is just not that much interest & I am not worried about it.” 
  • With this current rate update, the bill will be much larger. Now is the time to start properly planning for estimated quarterly tax requirements based on your income. 
  • The IRS applies compounding interest to underpayment penalties. The interest on underpaid taxes is compounded daily, which means it is calculated each day on the unpaid balance and the accumulated interest. 
  • This compounding effect can increase the total amount owed significantly over time. The interest rate is normally determined quarterly and is based on the federal short-term rate plus 3%.

If you need help with your quarterlies, let me know. We can assist with:

  • Ensuring the correct amount is withheld by your employer
  • Making catchup payment computations
  • Answering questions you may have about this IRS rate update 

If you need assistance with this or with any type of tax minimization/reduction planning, please hit “reply” to this message and let me know this week.

Please note the deadline for second quarter estimated tax filings is only 3 weeks away and we need time to complete any computations for you, so please let me know by Friday if you need help so we can either run the numbers or get you scheduled for a shorter planning session.

Looking forward to your response!

George Dimov CPA

www.dimovtax.com

(833) 829-1120 toll free 

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Monday : 7am–8pm
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Wednesday : 7am–8pm
Thursday : 7am–8pm
Friday : 7am–8pm
Saturday : 7am–8pm
Sunday : 7am–8pm

 

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