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Category:
Tax Planning

Do I Need To Start Making Estimated Federal Income Tax Payments?

Income tax planning is critical to your clients’ financial success. Navigating our complicated federal pay-as-you go income tax system can be difficult. Adding further complexity, you must understand and adapt to changes in tax laws and in your clients’ personal circumstances. In each tax year, it is important to ensure that clients are properly paying their federal income tax liability in order to avoid penalties. Frequently, clients may need to make estimated payments to avoid penalties for late payments and/or underpayments.

To help you guide your clients through an estimated payments analysis, we have created this flowchart. The decision points identify factors that may trigger a need to make or increase estimated payments, including:

  • Self-employment, rental, and investment income
  • Unexpected increases in income
  • Multiple sources of income
  • Underwithholding
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Will My Roth IRA Conversion Be Penalty-Free?
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Hundreds of other advisors are actively using fpPathfinder. Read what those lovely people have to say about us.
“What you guys have created is pretty badass! I’ve used your material for both client meetings and prospective clients.”
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“The resources available are beneficial internally and for clients. The checklists help advisors think outside the box of their knowledge and experience covering a multitude of planning areas. The flowcharts are well laid out visuals for the clients with possible scenarios identified and clear paths to take. fpPathfinders does a nice job updating the resources regularly and communicating to their customer base as well.”
— An advisor in Minnesota
“These tools look great. They will really help me share quality content with those I assist and will allow us to reduce errors. Furthermore, these tools really help our teams look professional and solidify us as true planners”
— Shane, an advisor
“fpPathfinder is the only planning tool that tries to address all of the obstacles facing our clients”
— Cathy Curtis, Curtis Financial Planning
“This is probably the best money I have ever spent. I love fpPathfinder!”
— Phillip, an advisor in North Carolina
“The flowcharts give me a lot of confidence. Candidly, I sometimes worry that I might miss something when planning for my clients. The flowcharts give me confidence that I won't.”
— An advisor in Virginia
“fpPathfinder is a great tool! It mirrors much of what I've developed on my own for tax planning, life events, etc. However, it's been great to double-check my own work in those areas and also to motivate me to deepen my knowledge on other topics”
— Jonathan, an advisor in Colorado
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