There's a tax deadline Monday. How to make sure you don't botch it
Though most 9-to-5 employees have these taxes withheld from each paycheck throughout the year, business owners and others who pay quarterly must hash out their estimated income and calculate what their tax load will be.
"When you calculate estimated tax, you come up for the estimate for the whole year and back out any withholding," said Lisa Featherngill, CPA and member of the American Institute of CPAs' personal financial planning committee. "Then you want to make sure that three-quarters of what will be due is paid through September," she said.Unexpected sources of income can easily throw off taxpayers' estimates, which is why they need to work closely with their accountant to figure out what they owe.
Take a year-end bonus. Even if you were to withhold taxes from your wages throughout the year, your holiday bonus may not be correctly withheld.They can withhold at a flat rate of 22% or they can fold the bonus into regular wages and withhold taxes from a worker's full compensation.
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