How to Best Prepare for Your Taxes with Terry Selb if You Are Getting a Tax Deferral on Your Paycheck This Year

Terry Selb

January 8, 2021

Making a plan with Terry Selb to prepare to pay taxes after the tax deferral on your paycheck this year and avoiding tax problems.

You may feel like you are earning more right now than you were a few months ago but without the proper plan in place, you can easily run into tax issues next year.

About the Tax Deferral

Trump’s Payroll Tax Deferral was a blessing for many people this year but just because you are paying less in taxes right now does not mean you do not still owe those taxes. As part of the deferral, you can opt to delay 6.2% federal tax for four months through December 31st, 2020. This will temporarily increase your take-home amount on your paycheck but you will still need to pay those taxes next year as they are still due and have only been deferred.

Making Your Plan with Terry Selb

2020 has been a difficult year for many and the tax deferral is providing some much-needed relief. You can continue to have relief into the new year by making a plan with Terry Selb to pay your deferred taxes and not fall into a potential issue with owing taxes you cannot repay. If you work on a plan now with Terry Selb, you can prepare for the future and be ready for the tax bill once it hits.

The Best Thing You Can Do Now

One of the easiest things that you can do to prepare for your upcoming tax bill is to put the money for the tax payment aside now. This is something to take advantage of especially if you are not in dire need of the money. While some people were allowed to opt into the program, there are others who may have not had an option but would have preferred to pay the taxes as they normally would through their paycheck. No matter which option you are a part of, Terry Selb can help you ensure you are ready to pay your taxes when the time comes.

The Next Best Way To Prepare with Terry Selb

If you are unable to save your entire tax payment now, you can always put away what you do not need, according to Terry Selb. Saving as much as you can prevent yourself from spending as possible is the best thing you can do for yourself. Even if you just put away $20 per week, it will make it easier for you next year to pay back the deferred amount.

What To Do If You Cannot Save the Money

If you are in a situation where you need every bit of the deferred amount right now, Terry Selb can still help you with trying to prepare for the future. Be sure to give Terry Selb a call today to figure out the best plan for your situation so you do not have tax trouble next year.