Blumer & Associates, CPAs, PC - Certified Public Accountants

I had a client do a smart thing recently.  He has paid his first two quarterly estimates but wondered if his business situation warranted him paying his remaining two estimates.  To know this, he compared his current business income and expense situation to the prior year.

He properly assessed which parts of his business were different this year than they were last year and came to the conclusion that he probably didn’t need to pay in his last two estimates.

I reviewed his situation and I agreed after a couple of clarifying questions.

Just because your CPA gives you four quarterly tax estimates to make, doesn’t mean your situation won’t change and that you may not need to make all of your estimates before the year is up.  ‘Tis the season for fall tax planning.  Are you game?

Here are the results so far for WebCPA’s poll question “Should the Bush Tax Cuts be Extended?”

If you don’t extend them, then it will effectually be a tax hike (a big one). But if you do extend them, that will just take us into an era where tax hikes are going to be required to pay for the debt the current administration has created (or added to). Some say taxes are extremely low now, and that this tax hike is necessary.

Here is a great summary on what is meant by the “Bush Tax Cuts.”

What do you think?