Don’t get stuck with an underpayment penalty

Posted on Nov 1, 2016

Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total you’ve paid in for 2016 through withholding and/or estimated taxes. If you’ve

Published on 05 June 2014

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include the payroll taxes you’ll owe for them. Remember to include the 3.8% tax on net investment income in your planning too.

Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.

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