As the third quarter tax estimate deadline approaches, I'll equip you with the essential knowledge to determine if you need to make estimated tax payments, how to calculate them, and the strategies to achieve a zero balance due on your tax return. Learn how filing statuses, gross income, deductions, and tax credits can impact your tax liability, and gain a clear understanding of the tax bracket system. Whether you're single, married, or head of household, this episode is tailored to provide insights specific to your situation.

In this episode, I cover: 

• How to determine if you need to make tax payments, how to calculate them, and what factors impact your tax liability 
• The difference between your tax liability and the balance due or otherwise known as refunds 
• The critical importance of estimated tax payments, with key dates such as April 15th, June 15th, September 15th, and January 15th of the following year in mind 
• How much to set aside for taxes and how to manage your expenditures effectively

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Connect with Sheila:

• Follow on Instagram @sheila.hansen.cpa
• Check out our website https://www.hansenllc.net/

Related Episodes:

• Episode 13: How to Avoid a Surprise at Tax Time
• Episode 24: Preventative Measures: How to Keep the Weeds from Overwhelming You and Your Finances 
• Episode 28: The 30-50-20 Rule for Your Finances

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Find the complete show notes here: https://hansenllc.net/what-you-need-to-know-about-estimated-tax-payments-episode-30