As December 31st approaches, the most important phone call that self-employed professionals can make in the next few weeks may be to their accountants, due to the Tax Cuts and Jobs Act that took effect earlier this year. John Loudon, VP of Public Relations at Engineered Tax Services, joined Bold Business to share his thoughts on how he thinks this monumental change in our tax code has brought significant change to self-employed professionals!
“One of the first things you might be able to do is make a smaller quarterly, fourth quarter estimated tax payments because you’re probably paying too much. The tax cuts have been pretty significant for both individuals and for small business[es],” said Loudon.
Loudon also stressed how aggressive the IRS can be with penalties and fees for late payments, but reassured that, as long as you’ve been making your quarterly estimated payments, you should be in good shape for the new year!
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Editor’s Note: Engineered Tax Services is a Bold sponsor.
Photo Credit: onlanka.com
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