If you had a surprise tax bill this year, it might be time to review your withholding or quarterly estimated tax payment requirements.

The IRS provides a Tax Withholding Estimator which can assist with calculating the correct withholding for your specific tax situation.

However, complicated tax scenarios may need more than the IRS calculator. We can help with tax projections and strategies to ensure your withholding and quarterly estimated tax payments are sufficient to protect you from underpayment penalties and avoid a large tax bill come tax time.

We suggest revisiting your withholding and quarterly estimates throughout the year, as things may change, mainly if tax law changes include rate, deductions or credit shifts, marital status changes, new jobs, or a side “hustle.”

We are here to help, so if you are interested in making sure you are protected for 2022, please reach out to your tax advisor for assistance.