2022 Tax Planning
Tax season is fast approaching, and now is the perfect time to start reviewing your tax situation before December 31st to avoid any surprises when filing your 2022 taxes next year.
The IRS article below suggests reviewing your withholding and estimated tax payments to ensure you are not underpaid and subject to underpayment penalties for the 2022 tax year. Underpayment penalties are based on current interest rates during the quarter in which the payments were due, so with interest rates increasing, the penalties will be higher than in previous years.
We also suggest reviewing your withholding and estimated tax payments, plus incorporating any changes to your tax situation during 2022. If you would like to look at your projected taxes for 2022 and ensure you are covered for any unexpected surprises, please contact your tax advisor to discuss and start the process.