Here are some tax planning reminders for the end of the year. Unemployment If you received unemployment benefits, remember that they are taxable for Federal and NOT for California and the additional $600 (now $300) never had taxes withheld (even if you requested withholding). PPP Loans If your PPP loans were forgiven, you may not claim any […]
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Who owes estimated tax payments? You may owe estimated payments if: You are self employed You have retirement income with no withholding You sell a major asset You have income from alimony You receive a large distribution from a business How much should the estimated payments be? At RPM Tax Consulting, we recommend meeting with […]
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Estimated Tax Payments You pay taxes on money you earn throughout the year. These taxes are normally taken out of your paycheck in the form of withholding. However, in some situations the amount withheld is not enough to cover the amount of taxes you owe, and this can lead to a penalty. Additionally, if you […]
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