Avoid IRS Penalties and Interest with These Quarterly Tax Hacks (Ep 14 Savvy or Surrender Podcast)

Описание: In this episode of The Savvy or Surrender Podcast, host Steven Young demystifies the process of paying estimated taxes for business owners and contractors. He covers who needs to pay quarterly taxes, how to calculate your payments, and the importance of setting aside money regularly—highlighting the Profit First method. Steven also explains the IRS Safe Harbor Rule, common mistakes to avoid, and what to do if you fall behind. The episode wraps up with practical advice for S Corp owners, tips for avoiding penalties, and a call to action for listeners to take control of their tax planning.

Want to learn more about how we can help you with your tax situation? Schedule a free discovery call at meetwithsavvy.com

00:00 – Introduction: Why estimated taxes matter for business owners
00:22 – Host introduction and episode overview
00:50 – Call to action: Subscribe, like, and review
01:10 – What are estimated taxes? Who needs to pay them?
02:09 – Federal and state estimated tax basics
03:01 – Who is required to pay quarterly taxes?
04:13 – Common mistakes: Forgetting to set aside money for taxes
05:01 – The IRS Safe Harbor Rule explained
06:34 – Calculating your estimated tax payments
08:21 – Mistake #1: Waiting until tax time
09:10 – Penalties and how to get them abated
10:49 – Mistake #2: Not setting money aside weekly (Profit First method)
11:53 – S Corp owners: Payroll and estimated taxes
13:33 – How and when to pay estimated taxes (quarterly deadlines)
15:21 – What to do if you’re behind on payments
16:09 – Penalties, interest, and the importance of filing early
17:13 – Why the IRS may not contact you right away
18:13 – States vs. IRS: Who acts faster?
18:33 – Final thoughts: Having a plan and using Profit First
19:13 – Call to action: Schedule a free discovery call and holiday wishes

Estimated taxes
Quarterly tax payments
IRS Safe Harbor Rule
Business owner taxes
S Corp tax planning
Profit First method
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#State income tax #Small business tax tips #Tax deadlines for business owners