{"id":11693,"date":"2024-05-15T16:14:21","date_gmt":"2024-05-15T21:14:21","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=11693"},"modified":"2024-05-20T10:25:55","modified_gmt":"2024-05-20T15:25:55","slug":"proactive-tax-projection","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/proactive-tax-projection\/","title":{"rendered":"3 Reasons You May Owe More in Taxes This Year"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11693\" class=\"elementor elementor-11693\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-27a8d30e elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"27a8d30e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6da8b9f9 ae-bg-gallery-type-default\" data-id=\"6da8b9f9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-560a0af1 elementor-widget elementor-widget-heading\" data-id=\"560a0af1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Take a proactive approach to your tax projection<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-a3ae705 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"a3ae705\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-74e94ecc blue-box ae-bg-gallery-type-default\" data-id=\"74e94ecc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46ef6af7 elementor-widget elementor-widget-text-editor\" data-id=\"46ef6af7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key takeaways:<\/strong><\/p><ul><li><span class=\"NormalTextRun SCXW118662455 BCX8\">A good tax <\/span><span class=\"NormalTextRun SCXW118662455 BCX8\">projection<\/span><span class=\"NormalTextRun SCXW118662455 BCX8\"> is proactive<\/span><span class=\"NormalTextRun SCXW118662455 BCX8\">, which means evaluating <\/span><span class=\"NormalTextRun SCXW118662455 BCX8\">the year ahead and <\/span><span class=\"NormalTextRun SCXW118662455 BCX8\">plann<\/span><span class=\"NormalTextRun SCXW118662455 BCX8\">ing for change<\/span><span class=\"NormalTextRun SCXW118662455 BCX8\">.<\/span><\/li><li>Having more income, fewer deductions or changes to the tax code can result in an unwanted tax surprise.<\/li><li><span class=\"NormalTextRun SCXW118765767 BCX8\">Tax projections <\/span><span class=\"NormalTextRun SCXW118765767 BCX8\">can<\/span> <span class=\"NormalTextRun SCXW118765767 BCX8\">help <\/span><span class=\"NormalTextRun SCXW118765767 BCX8\">you <\/span><span class=\"NormalTextRun SCXW118765767 BCX8\">save money and feel confident when it comes time to file your return.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-1480fb78 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"1480fb78\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-51f3bf98 ae-bg-gallery-type-default\" data-id=\"51f3bf98\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-49fa058e elementor-widget elementor-widget-text-editor\" data-id=\"49fa058e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Without proper planning and preparation, you may inadvertently underpay the IRS throughout the year, resulting in additional owed taxes at the end of the year and being at risk for underpayment penalties. As interest rates rise, so does the amount you may be out-of-pocket.<\/span><\/p><p><span data-contrast=\"auto\">CWA Tax Director <\/span><a href=\"https:\/\/www.cainwatters.com\/jj-anderson\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">J.J. Anderson<\/span><\/span><\/a><span data-contrast=\"auto\"> says, \u201cProactive planning and keeping up with your estimated tax payments matters even more now. Rates have changed significantly, and taxpayers will be required to pay the back taxes and the late payment penalties with interest rates near 8%.\u201d<\/span><\/p><p><span data-contrast=\"auto\">As a business owner, many of your tax obligations are pay-as-you-go. You withhold payroll taxes for yourself and your employees throughout the year. That includes federal and state income taxes, Social Security and Medicare taxes, and Federal Unemployment Tax Act (FUTA) taxes. While some are easier to set aside each pay period or quarter, estimating how much you will pay in Federal and state income taxes is a little more complicated.<\/span><\/p><p><span data-contrast=\"auto\">To tackle this quarterly, a tax projection is made to estimate the amount of taxes you will owe for your next return.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-394c0b4a elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"394c0b4a\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-793beb2f blue-box ae-bg-gallery-type-default\" data-id=\"793beb2f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72e26886 elementor-widget elementor-widget-text-editor\" data-id=\"72e26886\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"NormalTextRun SCXW194223554 BCX8\">T<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">he secret to a good tax <\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">projection<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\"> is that it needs to be proactive<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">, which means evaluating <\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">the year ahead and <\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">plann<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">ing for change<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">. <\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">When J<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">.<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">J<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">.<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\"> and the CWA team <\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">begin<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\"> working with a new client, <\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">they can<\/span> <span class=\"NormalTextRun SCXW194223554 BCX8\">recognize<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\"> th<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">e doctors<\/span> <span class=\"NormalTextRun SCXW194223554 BCX8\">com<\/span><span class=\"NormalTextRun SCXW194223554 BCX8\">ing over from a reactive accountant.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-32dc5d5d elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"32dc5d5d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78ffb0e ae-bg-gallery-type-default\" data-id=\"78ffb0e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d79ccde elementor-widget elementor-widget-text-editor\" data-id=\"1d79ccde\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">\u201cMany CPAs are reactive. They typically take your prior year return, add 10% and tell you that\u2019s how much you should withhold,\u201d J.J. describes. \u201cSure, sometimes that works, but more often than not, it doesn\u2019t, and you\u2019re in for a shock.\u201d<\/span><\/p><p><span data-contrast=\"auto\">There are a lot of reasons why you might end up with an unwanted tax surprise, but J.J. says, for dental practice owners, it usually comes down to three things:<\/span><\/p><ol><li style=\"list-style-type: none;\"><ol><li><b><span data-contrast=\"auto\">More Income:<\/span><\/b><span data-contrast=\"auto\"> An increase in collections or other income from the prior year is the biggest reason for increased taxes. Adding another production day, an additional doctor, or even a new procedure to the mix can make a big difference to your top line. Although this is a good problem to have, accounting for it in your projections is essential as you continue to grow.<\/span><\/li><li><b><span data-contrast=\"auto\">Fewer Deductions<\/span><\/b><span data-contrast=\"auto\">: As the title indicates, there are fewer deductions or expenses to offset income. A common example of this is Section 179. If you purchased a large piece of equipment or asset and claimed the whole depreciation deduction in the first year, you will notice a difference the next year in your taxes.<\/span><\/li><li><b><span data-contrast=\"auto\">Changes to the Tax Code:<\/span><\/b><span data-contrast=\"auto\"> The tax code can have both big and small changes yearly. Election years and changing administrations bring an even greater potential for change. For example, the Tax Cuts and Jobs Act (TCJA) of 2017 is set to expire at the end of 2025. This act changed the individual tax rates and added the qualified business income (QBI) deduction. If that goes away, business owners will see a significant decrease in their deductions.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/li><\/ol><\/li><\/ol><p><span data-contrast=\"auto\">The good news is that these can be anticipated and planned for. A proactive CPA, like the advisors at CWA, takes the time to review the business\u2019s profitability and discuss where you see it going next year. Are you bringing in a new associate, planning a renovation, or increasing fees?\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">When managed correctly, tax projections are a tax planning tool that can help you save money and feel confident when it comes time to file your return. CWA advisors implement tax projections based on historical data, projected income and expenses, and changing tax law so our clients can be prepared for the upcoming year.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u201cMany CPAs look at the past to anticipate the future. But, for our clients, we know they want and need more than that,\u201d J.J. says. \u201cCWA knows that both the business and the person are dynamic. We don\u2019t just look at the numbers, we look at life.\u201d\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Growth in your business should be a good thing, not cause unnecessary tax surprises. Ready to have confidence in your plan? <\/span><a href=\"http:\/\/www.cainwatters.com\/contact\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\"><span style=\"text-decoration: underline; color: #33cccc;\">Contact a member of our team.\u00a0<\/span><\/span><\/a><\/p><h5><strong>Accumulating Wealth Podcast Ep. 178, \u201cWhen Your Tax Projection Derails\u201d<\/strong><\/h5><p>In a recent Accumulating Wealth Podcast episode, hosts Hunter Satterfield and Judson Crawford discuss <span class=\"TrackChangeTextInsertion TrackedChange SCXW5749818 BCX8\"><span class=\"TextRun SCXW5749818 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW5749818 BCX8\">how tax surprises happen and how y<\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW5749818 BCX8\"><span class=\"TextRun SCXW5749818 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW5749818 BCX8\">ou can get ahead of it<\/span><\/span><\/span>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-e3fc586 e-flex e-con-boxed ae-bg-gallery-type-default e-con e-parent\" data-id=\"e3fc586\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1c00d86 libsyn elementor-widget elementor-widget-shortcode\" data-id=\"1c00d86\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><iframe title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/30940378\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/0c2340\/time-start\/00:00:00\/playlist-height\/200\/direction\/backward\/download\/yes\/font-color\/FFFFFF\" height=\"128\" width=\"100%\" scrolling=\"no\" allowfullscreen=\"\" webkitallowfullscreen=\"true\" mozallowfullscreen=\"true\" oallowfullscreen=\"true\" msallowfullscreen=\"true\" style=\"border: none;\"><\/iframe><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Take a proactive approach to your tax projection Key takeaways: A good tax projection is proactive, which means evaluating the year ahead and planning for change. Having more income, fewer deductions or changes to the tax code can result in an unwanted tax surprise. Tax projections can help you save money and feel confident when [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":11697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,41,18,21],"tags":[],"ppma_author":[48],"class_list":["post-11693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-news-feature","category-featured","category-financial-planning","category-tax-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>3 Reasons You May Owe More in Taxes This Year<\/title>\n<meta name=\"description\" content=\"As a business owner, many of your tax obligations are pay-as-you-go. The last thing you want is an unwanted tax surprise. Our tax director outlines the three reasons you could see a higher tax bill this year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/proactive-tax-projection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Reasons You May Owe More in Taxes This Year\" \/>\n<meta property=\"og:description\" content=\"As a business owner, many of your tax obligations are pay-as-you-go. The last thing you want is an unwanted tax surprise. 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