1 . Increase the amount withheld by your employer. For example, if you were withholding at Single and 2 exemptions, change it to Single and 1 exemption if you owed only a little. If you owed a lot, then change it to Single and 0. How do you do this? Fill out a new Form W4 and give it to your employer.
- Self Employed? You need to make estimated tax payments. Divide the total amount of tax (Form 1040, Line 63) by 4. The result is the amount that you need to pay each quarter to the IRS. You will mail the check with Form ES.
- Sometimes a better option is to pay the tax owed with a 0 percent rate credit card. This eliminates the continually accruing penalties and interest that the IRS charges.
Call us today if you have any further questions. Prescott Tax and Paralegal are ready to assist you with all of your tax filing needs. Call us at 928-778-3113 or visit http://www.PrescottTax.com for more information.
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