April 24, 2024 #1 Local News, Information and Event Source for the Century City/Westwood areas.

June 15th’s Quarterly Tax Bill: Ways to Deal

 “‘In this world nothing can be said to be certain, except death and taxes,” Benjamin Franklin wisely observed during our country’s birth and so it has been since. Even now, during this economic downturn, the tax collector still expects his due. So, what is the best way to deal with the June 15th due date for quarterly tax payments?

“Many people who are self employed and have kept current on quarterly estimated tax payments find that they no longer have the income or cash flow to be able to stay current on these tax payments,†says Attorney Samuel C. Landis of the Beverly Hills firm of Segal, Cohen & Landis, LLP, whose firm specializes in tax controversy resolution and corporate restructuring. So what should you do when the ‘Ides of June’ arrives next week? “If possible, at least a portion of estimated tax payments should be sent into the IRS,†Landis advises. Yes, something really is better than nothing – even for the IRS.

Sadly, many people – especially those in construction and related industries – have to choose between supporting their families and their businesses which can lead to increased stress which in turn creates a vicious cycle of illness, inability to work if a job can be found which leads to more financial hardship which in turn… you get the idea. But, there is a way to avoid this downward spiral – if you know where to look.

“Every tax problem has a solution as long as it is approached in professional and competent way. Whether you pay a portion or none of the quarterly taxes, you’ll likely save yourself money and additional angst in the long term by seeking competent counsel, “Learn what your options are. Knowing what can be done to solve the problem is 90 percent of the solution,†concluded Landis, offering one of the few encouraging words I’ve heard about taxes in a long time.

For more information: www.scltaxlaw.com

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