Who needs to make quarterly income tax payments?

Any taxpayer that has income that is not subject to withholding may need to make quarterly estimated income tax payments.

If you have just started a new business or have income from investments, you need to determine if you are required to file tax estimates. Failure to pay quarterly tax estimates can lead to sizable tax penalties and interest. This is above and beyond the added income tax that is due at filing time.

Even if you have a regular job that pays wages subject to income tax withholding, you might have enough additional other income to necessitate paying estimates. Estimates are computed and filed on a quarterly basis with IRS Form 1040-ES.

If you have had a sizable increase in your interest or dividend income, sold an asset, or started a small business, let us assist you with your tax estimate determination.

About Brenda J. McGivern, CPA

Brenda McGivern started her own certified public accounting and management consulting firm in October 2001. The full service CPA firm provides tax and accounting solutions to meet the needs of today’s small business and individual. Brenda McGivern has become a trusted advisor and valuable resource her clients rely on for timely, accurate assistance when they need it.

Before starting the firm, she worked as an accountant for three years at a local firm and prior to that five years at a large international CPA firm in Boston. She has performed the following tax services: federal, state and local tax planning, international tax planning, estate and succession planning, mergers and acquisitions, capital retention and IRS representation. She has also coordinated assurance engagements, such as financial statement audits, reviews and compilations from the planning phase through the reporting phase. She has prepared and reviewed regulatory filings for numerous regulatory agencies including the Security and Exchange Commission.

Prior to these positions she was selected from over 2,000 candidates into an eight-person intensive financial management program at an international technology company. The program consisted of graduate level classroom study and two six-month rotational assignments in financial operations.

She graduated cum laude from the University of Massachusetts at Amherst and holds a Bachelors Degree in Business Administration with a concentration in accounting. McGivern also holds a license in Massachusetts as a Certified Public Accountant and is a member of the American Society of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. She resides in Stoughton, Massachusetts with her husband Brian, and their sons Sean, Ryan and Conor and their dog, Davis.

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