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Message
re: 2023 Tax Filing
Posted on 2/8/24 at 10:33 am to Mariner
Posted on 2/8/24 at 10:33 am to Mariner
quote:
No you are not crazy. My CPA tells me at tax time of how much to withhold for the following year based on current income. I assume all CPA's do this. I then adjust my withholding and pay the appropriate amount each quarter. We own a business, and we withhold 100% of my wife's salary and 100% of mine and take company draws as needed. It gets us in a routine that every two weeks taxes are being applied and prevents us from living a lifestyle above our means. I meet with the CPA in November to fine tune what we expect to owe. From there we plan charitable giving and any other tax saving opportunities to take advantage of before years end. We killed it in 2023. This past November '23 we anticipated owing an additional $85,000. It's much easier to swallow the pill then rather than in late March/early April. Everyone needs a tax planner or CPA. I still had one when I made a middle class income. Unless you are dirt poor then you should have assistance with taxes. I never used Turbotax but I hear it will do the job, so everyone should at least do that.
I disagree - most people do not need a tax planner or CPA. Most people are W-2 earners with maybe a few other predictable items, who would benefit much more from using the IRS W-4 calculator to adjust withholdings each quarter.
This post was edited on 2/8/24 at 10:44 am
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