Tax returns are due but once a year. However, paying taxes — through withholding from taxpayer wages, estimated tax payments, or both — is a year-round activity. That’s why it’s a good idea for taxpayers to review their tax payments regularly throughout the year to ensure they’re as accurate as possible. This article discusses double-checking withholding, determining whether estimated taxes are due and avoiding tax penalties. A sidebar examines how increasing withholding may sometimes prevent or reduce estimated tax penalties.

Business owners, whether established or just starting up, must maintain accurate records of income and expenses. Carefully documenting expenses is particularly essential to claiming all eligible tax deductions. Additionally, keeping records thoroughly ensures the ability to defend the amounts reported on tax returns in case of an IRS audit or court challenge. This article examines two U.S. Tax Court cases demonstrating the importance of careful tax documentation.

An estate plan helps ensure that one’s family will be cared for according to one’s wishes after death. While no one likes to contemplate his or her mortality, this article provides five traps to avoid for those ready to begin drafting an estate plan.

These brief tips list some exceptions to the early withdrawal penalty for IRAs, explain how a buy-sell agreement can help fortify a business owner’s estate plan, and discuss how the Work Opportunity Tax Credit can help businesses with hiring.