FTR TAX TIP OF THE MONTH
If you’re self-employed, the IRS and the State of Wisconsin require you to pay estimated taxes four times per year. That means on April 15, June 15, September 15, and January 15, you’re supposed to send in a check equivalent to one-quarter of what you think you’ll owe in taxes for the year. It sounds simple on paper, but in reality, the temptation to spend that cash before the required payment date often gets the better of people. They get a big commission check, say for $10,000, and head out to buy a boat or a motorcycle to celebrate their success. Then before they know it, that estimated payment deadline sneaks up on them and they don’t have the necessary money to send in. I’ve seen that unfortunate pattern all too often, which is why I tell my clients it’s vital to be proactive with their payments. If you’re an entrepreneur, go one step beyond what the IRS and the State of Wisconsin require and pay monthly! When you earn a chunk of income, write a check immediately and send it in. That way, you don’t have a nest egg in the bank growing bigger and bigger, tempting you to spend it. In addition to offering peace of mind, monthly payments will set you up for success if you have tax problems. If you aren’t current on your payments, it is not possible to negotiate an offer in compromise with the IRS for any past outstanding tax debt. Making estimated tax payments for the current year is one of the requirements for having an offer in compromise accepted if you are always underpaid when you file your tax returns. If you have any questions about estimated tax payments or need help negotiating a settlement agreement, give Francetic Tax Resolution a call today at 262-752-6992 to schedule a free consultation. ENTREPRENEURS, BE PROACTIVE WITH YOUR TAX PAYMENTS
LEFTOVER CANDY SNACK MIX
This recipe from Momofuku Milk Bar chef and “Master Chef” judge Christina Tosi makes great use of those extra Halloween goodies. It’s a quick and easy way to both elevate and get rid of unwanted leftovers.
2 cups mini pretzels, coarsely broken
6 tbsp unsalted butter, melted 12 oz mini candy bars, such as Snickers, chopped into 1/2-inch pieces
• • •
1/4 cup light brown sugar 2 tbsp granulated sugar 1/3 cup dry milk powder
1. Heat oven to 275 F. 2. In a large mixing bowl, fold together pretzels, sugars, milk powder, and butter. 3. Spread mixture on a baking sheet lined with parchment paper and bake for 20 minutes. 4. Let cool for at least 30 minutes and mix in candy bar pieces before serving.
Inspired by Food & Wine Magazine
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