IRS Trouble Solvers - May 2022

S CORP, C CO

Let’s face it: The kids probably aren’t going to get you what you really want for Mother’s Day. We know it’s the thought that counts, but you’ve still earned some pampering. It might be time to take matters into your own hands by celebrating yourself this year — no matter what your children and/or partner have planned. Here are some ideas to get you started. Take the day off. It might be the greatest gift any mother can give herself. Let your partner, the grandparents, or a babysitter take care of the kids for the day and spend time doing what you want to do. Maybe that’s sleeping in late, finally going to see a grown-up movie in a theater, reading a juicy novel, or going on a shopping spree. It doesn’t matter what you choose — not having to worry about temper tantrums, meals, or bedtime is the true gift here. Enjoy a girls’ day out. You probably don’t get to see your friends as much as you’d like, so take the time to get together for some kid-free fun. You can treat yourself to brunch, manicures, or just a bottle of wine and a good laugh. Having the opportunity to catch up with the gals you love the most can be a great way to rejuvenate. Create a group text and get the party planning started! Have a date night — with the person of your choosing. With whom would you most like to spend some alone time? If it’s your partner, arrange a romantic evening for adults only. If it’s your best friend, schedule a fun outing. Maybe your ideal Mother’s Day involves the kids after all! If so, plan some one-on-one time with each of them, doing something special you know they’ll love. Whomever you choose as your date, you’ll feel more connected (and appreciated) than ever. If your special Sunday is already booked with family activities, remember you can always pick another weekend to treat yourself. That way, you can still get your ideal day — and enjoy the kid-prepared breakfast you’ve come to expect and love. HOW MOMS SHOULD CELEBRATE THIS MOTHER’S DAY: Do It Your Way

Most people’s taxes are taken out automatically, usually on a “pay-as- you-go” schedule. Your tax withholding is indicated on your federal taxes W-4 form, which you fill out upon hire with your employer, and every two weeks or month, before you even get your hands on your paycheck, the taxes are taken out. If things are done correctly, you should wind up not owing anything or, even better, receiving a refund when tax season rolls around. This practice ensures you have the cash to pay the necessary tax right away. If the government waited until Tax Day on April 15 to collect the necessary tax, many taxpayers would not be able to pay the correct amount because they probably would have spent it already. It’s an easier system for everyone. If you are a W-2 employee, your taxes are taken out for you, but if you are paid differently, the responsibility may be on you to pay quarterly. The Perils of Not Making Your Estimated Tax Payments Staying on Top of It

Typically, individuals and sole proprietors, S corporation shareholders, and partners who are expected to owe more than $1,000 in Federal taxes for the calendar year are expected to make quarterly payments. Corporations, on the other hand, usually need to make quarterly payments if they are expected to owe more than $500 when their tax return is filed for the year.

Mother’s Day Brunch Rainbow Frittata

Inspired by EatingWell.com

Impress Mom with this delicious breakfast recipe!

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