Owner Operator Tax Planning Time
Now that we’re into July, this is a great time to check your expected tax liability for 2011. If you haven’t already, total up your revenue and expenses through June and bring them to your tax person. From there they can double everything to account for the second half of the year and get an idea of what you’ll owe. This information is great for changing estimated payments or adjusting withholdings from your paycheck.
I realize that the second half of the year may be better or worse than the first half but it’s a better idea than guessing and hoping and allows you to adjust your payments now instead of overpaying or owing a lot of money at tax time.
