In this one-minute moment, Dr. Friday stresses that making estimated tax payments is mandatory to avoid penalties, warning against trying to out-earn the IRS penalty rates by holding onto the funds.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Making estimated tax payments, people, are not a choice. Sure, you can choose not to do it, but there is a penalty. Who wants to pay the IRS more money just because you have to hold on to it? You better be earning 6 to 8 percent, or you’re going to be paying more in penalties than you’re earning on the money.
I’ve had more than one person say, ‘I can do better than the IRS,’ but the IRS is the one penalizing you. Take the money out of the bank, pay the IRS so that the money in your bank is your money. Keeping the IRS out of your bank is so much easier than having to deal with penalties and interest.
Need help understanding that? Give us a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
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