June 15th is ordinarily  the date that  second quarterly estimated tax payments are due, if you are self employed.  This year June 15th falls on a Sunday so this year, Monday the 16th takes on added significance.  If you are not sure whether, or how much  you should be posting for quarterly estimated payments, last week would have been a great time to Give Pete DiSalvo a call.

If you are still not sure at this point,  we invite you to call Pete right now! The sooner you answer this question the more Pete can do to help you minimize your taxes along with any penalty for underpayment.

Pete DiSalvo specializes in working with small businesses to help maximize profits and minimize taxes.

For those of you who like to plan ahead, September 15th is the 3rd tax deadline… Is your business ready?

Usually during the rush of tax season you have to decide upon what to base your 2014 estimates. You would have considered the safe harbors and chosen the one that best fits your circumstances at the time.

Click & let us answer all your tax questions!

Self employed taxpayers pay estimated taxes to avoid a penalty for underpayment of  tax liability. The Internal Revenue Service requires taxpayers to pay the lesser of 110% of the prior year tax or 90% of the current year tax. Generally it is easier to calculate 110% of your 2013 than to estimate 2014 income.

Now that five months of the year have passed you may have a clearer picture of your income for the year. If there has been a significant change from what you used for the first quarter estimate a re-calculation now could either save you cash flow (if you will owe less) or give you an opportunity to start paying that April 15, 2015 liability now if income is higher.

If you think there is a change in your income and would like to explore with us the possibility of a change in your estimates, please click to take advantage of our Free Consultation.  Don’t forget, Pete DiSalvo is the Dave Ramsey endorsed tax expert for small business.