As we hurtle toward the grand finale of 2023, the IRS is doing its best impression of a friendly, not-so-subtle nudge, urging taxpayers to take a look at their tax withholding. Why, you ask? Well, they want to prevent the kind of surprise party you don’t want when you file your taxes next year. No one likes unexpected guests, especially when they come in the form of a giant refund or a bill that makes you question your life choices.
Now, if you’ve been slacking on the tax front and haven’t checked your withholding lately, worry not! The IRS is here to rescue your financial procrastination with only a few weeks left in the calendar. They’ve got a bunch of tools up their sleeve to help you out:
1. Tax Withholding Estimator: Think of this as your personal financial GPS, available in both English and Spanish. It’s your trusty sidekick for figuring out if you’ve been stuffing Uncle Sam’s pockets a bit too generously or not enough. It can even tell you if you should toss in some estimated tax payments to avoid a “oh-no” moment when it’s tax return time in 2023.
The best part? It’s user-friendly and as mobile as your favorite smartphone game. It considers your whole financial storyline to tell you the exact amount of cash that should be swiped from your paycheck and pension payments.
2. Pay-As-You-Go Tax Fun: Taxes are like the background music of life, always playing. Your employer usually sneakily swipes some of your income tax before you even get it. But, here’s a little secret – most of us end up overpaying. It’s like paying for the whole buffet but only eating the salad.
If you’re one of those folks with income from off-the-books activities, like a side hustle, a rental property, or self-employment, the IRS suggests you don the cape of responsibility and make quarterly estimated tax payments. It’s your superhero move to avoid those “I owe what now?” moments and the dreaded penalties when tax time rolls around.
The IRS has made it a breeze for you. You can mail in Form 1040-ES (snail mail, anyone?), pay online, use your phone, or even channel your inner tech wizard with the IRS2Go app. They’ve also got this fancy Online Account where you can not only make payments but also track your tax payment history and revel in your tax records. Head over to IRS.gov/account to setup your account..
In conclusion, the IRS is like that helpful friend who reminds you to put on sunscreen at the beach, but in this case, they’re reminding you to keep your financial skin safe from tax burns. So, why not dive into the Tax Withholding Estimator and explore your tax play-as-you-go options? It’s a comedy of errors when you don’t, but when you do, it’s tax season on your terms – with fewer surprises.
Get Compliant and Get Tax Relief
Morris and Associates are experts when it comes to helping individuals and companies find tax relief in Georgia but can help no matter where you live or whatever tax questions you have. Contact us to help with your taxes and possibly even reduce the amount that you owe.
