It's great to earn a big bonus, receive a vesting of company stock, or achieve a profitable business year. Unfortunately, without good tax planning, extra income and insufficient withholdings can result in a big tax bill and/or penalties. In this episode, Joe Pachuca, CPA, discusses how proactive tax strategy can avoid unpleasant surprises from the IRS. Joe shares his insights about:

• Common reasons that clients may owe a large surprise tax bill
• The importance of proactive tax planning
• How estimated taxes work and when they are due
• Paying taxes immediately v. reserving funds in a high-yield account to earn interest until the tax deadline
• How CPAs help clients calculate, prepare for, and pay estimated taxes
• Guest: Joe Pachuca at [email protected]