Serious question, I just switched from quarterly to monthly tax payments.

My accountant in Austin told me to try it after I got hit with a $2,400 penalty last year. Now I put aside 30% from every check, and I'm not scrambling for big lump sums anymore. Does anyone else do monthly, or is that too much work?

3 comments

3 Comments

the_rose15d ago

My accountant still laughs at my shoebox of receipts.

skyler_patel15d ago

Honestly, that shoebox method is asking for trouble. My friend tried that and missed a huge deductible expense because a receipt faded. A simple folder sorted by month takes two minutes and saves so much stress later.

emma_jones15d ago

That $2,400 penalty is a real gut punch, so your new system sounds smart.