With the passage of the new tax law, most taxpayers now know what their tax outcomes will look like next year. Some of our clients received a significant refund earlier this year, but in turn applied the refund towards their first quarterly tax payment.
This makes sense because it simplifies the withholding burden of individuals paying quarterly estimated taxes. In most cases, it could also lead to a significant reduction and simplification of taxes owed.
Are you expecting a large refund in 2020 and only want to apply a portion of the refund towards your first quarterly? You can do that as well.
Don’t remember if you applied your refund to your current taxes?
Look at your taxes or contact us to further discuss beneficial tax outcomes.