Title: Tax Smart Hustlers Podcast - Episode 3: Estimated Taxes 101

Hosted by: Aaron Siegel, Tax Advisor and Founder, Thrive Tax Solutions

Episode Summary:

In this episode, Aaron Siegel demystifies the concept of estimated taxes, providing crucial insights for small business owners, investors, and anyone new to handling taxes without automatic withholding. This episode is packed with practical advice to help you navigate estimated tax payments and avoid penalties.

Key Topics Covered:

1. Introduction to Estimated Taxes:

   • Understanding the U.S. tax system as a pay-as-you-go model.
   • The need for estimated tax payments for self-employed individuals and investors.

2. Who Should Pay Estimated Taxes:

   • Criteria for paying estimated taxes.
   • Using W-2 withholdings to manage additional income tax liabilities.

3. Understanding Penalties and Methods:

   • The conditions under which estimated tax payment penalties apply.
   • The two methods for determining estimated taxes: Current Year and Prior Year.

4. Strategies for Calculating Estimated Taxes:

   • How to choose between the Current Year and Prior Year method.
   • Calculating prior year tax for estimated payments.

5. Estimated Tax Payment Due Dates:

   • Important deadlines for making estimated tax payments.
   • Why keeping track of due dates is essential.

6. How to Pay Your Estimated Taxes:

   • Various methods to make estimated tax payments, including online and traditional methods.

7. Consequences of Not Paying Estimated Taxes:

   • Understanding the penalties for underpayment.
   • The impact of current interest rates on penalties.

8. Annualized Income Installment Method:

   • How this method can benefit those with irregular income or unexpected capital gains.

Conclusion:

• Recap and advice on making estimated tax payments and minimizing penalties.
• Encouragement to seek professional advice for specific situations.

Contact Information:

• Social Media: @TrustYourTaxes
• Email: hi@taxsmarthustlers.show
• Website: taxsmarthustlers.show

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Disclaimer: This podcast provides educational information only and should not be considered as professional tax advice.