Now is a good time to review ones 2011 taxes before the end of the year. If during the course of 2011 your tax situation changed, you still have time to make changes to your withholdings or determine if an estimated tax payment should be made. If any of the following events occurring in 2011, a change would be in order to one's W4, or, if necessary, an estimated payment by 1/17/2012:
- Significant increase in income due to raise or bonus
- Marital status changed
- birth of a child
- taking in a dependent relative (ex: elderly parent)
- Unemployment compensation received
- Started a new business
- Large capital gains on the sale of stock or other investment
These are some examples of what might trigger a W4 change or require one to make an estimated payment. Liberty Financial Consulting can help clients analyze their current situation and work through the W4 and estimated tax process. Contact LFC for assistance:
info@lfconinc.com
Forms:
W4
Estimated Taxes:
1040ES
