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Adjust Your Federal Income Tax Withholding…Now!

November 8, 2010

If it looks like you are going to owe income taxes for 2010, consider bumping up your Federal income taxes withheld from your paychecks now through the end of the year. When you file your return, you will still have to pay any taxes due less the amount paid in. However, as long as your total tax payments (estimated payments plus withholding) equal at least 90% of your 2010 liability, or, if smaller, 100% of your 2009 liability (110% if your 2009 adjusted gross income exceeded $150,000: $75,000 for married individuals who filed separate returns), penalties will be minimized, if not eliminated.

AT GAI (www.gunwel.com) we can help by doing “mini-returns” throughout the year. This helps you see exactly where you are through the course of the year. We all upside down smile facehate year-end surprises that are not in our favor. Call us today at 212-979-6830 or stop by for a visit. See you soon!

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