Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total tax you’ve paid in for 2012 through withholding and/or quarterly estimated payments. Check to see how much tax you have currently witheld and then project the amount that will be withheld for the rest of the year. Then compare it to you salary/wages tax bracket for the year. If you’ve underpaid, consider adjusting your withholding for the final pay periods of 2012.Withheld taxes are considered paid in equal amounts during the year regardless of when the tax is withheld. Therefore, a year-end adjustment to your withholding could help you avoid a penalty. If you have any questions regarding your tax bracket, withholdings or if you qualify for any tax credits give us a call!

Click the following link to take a look at our Youtube video on Estimated Tax Payments.