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Dabbs, Hickman, Hill & Cannon, LLP
319 South Main Street, PO Box 727
Statesboro, GA 30459
Phone: 912-764-6951
325 Tattnall Street
Savannah, GA 31401
Phone: 912-233-9004
Are you on track for making your estimated tax payments for the 2017 tax year? Here is what you need to know.
If you discover that you’ve been underestimating your taxes, you may be able to resolve the problem by requesting an increase in withholding from your or your spouse’s paychecks for the remainder of the year. Or, if you are taking taxable distributions from an individual retirement account, 401(k), or other retirement plan, you could increase the withholding from year-end distributions. With either alternative, the IRS will apply the withheld tax pro rata over the tax year to reduce prior underpayments of estimated tax.
* You won’t owe an underpayment penalty if the tax shown on your 2017 return — reduced by withholding taxes paid during the year — is less than $1,000.
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