December 30, 2019

End of Year Planning

The end of the year is here, so it’s time to start planning for tax filing season. If you own a pass-through entity and pay tax on your share of business profits on your personal income tax return, the final installment of your 2019 estimated taxes is due on Wednesday, January 15, 2020. You may also need to make estimated payments if the amount of income tax withheld from your salary or pension isn’t enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards.