TATY FIT

Which one do you have trouble working on? 🧐 Comment down below

Got this panicking business owner last night: “sh*t! It’s less then a month till 3rd quarter estimated taxes need to be paid and I haven’t saved anything 😱 How much should I save?”
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If it was that easy to just give him a number, an accurate number, I’d be golden 🤣
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Rule of thumb: 𝘁𝗵𝗲 𝘁𝗼𝘁𝗮𝗹 𝗮𝗺𝗼𝘂𝗻𝘁 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱 𝘀𝗲𝘁 𝗮𝘀𝗶𝗱𝗲 𝘁𝗼 𝗰𝗼𝘃𝗲𝗿 𝗯𝗼𝘁𝗵 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗮𝗻𝗱 𝘀𝘁𝗮𝘁𝗲 𝘁𝗮𝘅𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝟯𝟬-𝟰𝟬% 𝗼𝗳 𝗺𝗮𝗸𝗲
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Tax obligations differ from business to business and depend on structure of it: are you self-employed, are you an S-Corp, do you have a registered LLC with a state, do you have employees, property, are you selling goods or providing services?
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All of those have a huge impact on your tax liability, so the only way to figure out how much you should pay is to work with a tax accountant
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Saving money for taxes is one thing. Ideally, you want to pay as little in taxes as possible, so let me know if you want to learn about how to do that 😎
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We all have our doubts
We all get scared and it’s okay
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Take a deep breath… relax and start pushing through those thoughts
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You got it! 👊
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The IRS will pay half the total credit amount in advance monthly payments beginning July 15.
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For 2021, maximum amount is $3,600 for children younger than age 6 and $3,000 for those between 6 and 17. The regular child tax credit was $2,000 for children under the age of 17.
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You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.
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To qualify for advance Child Tax Credit payments, you — and your spouse, if you filed a joint return — must have:
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• Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return; or
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• Given us your information in 2020 to receive the Economic Impact Payment using the Non-Filers: Enter Payment Info Here tool; and
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• A main home in the United States for more than half the year (the 50 states and the District of Columbia) or file a joint return with a spouse who has a main home in the United States for more than half the year; and
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• A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
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• Made less than $75k is single or $150k if filing joint return. Amount of credit phases out of your income is over $95k and $170k.
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IRS will use information you provided earlier to determine if you qualify and 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰𝗮𝗹𝗹𝘆 enroll you for advance payments. You do not need to take any additional action to get advance payments.