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Posted by Carolyn Bodley on 2/21/21 10:03pm
Depending how much tax you owe, it is not too late to open a SEP or IRA. You have until April 15 to open. Instead of paying the IRS, you pay yourself. You will have to pay tax on the money as you take distributions, and there are hefty penalties for withdrawing before 59-1/2. That is one downside, but the upside is the money you pay IRS you’ll never see again. SEP and IRAs are retirement accounts and not taxed until you withdraw.
Quarterly taxes are different — that money actually goes into your Social Security. While you can’t survive on Social Security alone after you retire, it can be a supplement to a retirement account. A good financial planner is amazing. |
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