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Money and Finances
Reply to "DH is a new big law partner and I have no clue how to budget "
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[quote=Anonymous][quote=Anonymous]For my final estimated quarterly tax payment last year we were anticipating something like 40k-50k, based on our accountant’s projections. He popped up several days before the due date and said we should pay $250k+. Insanity. We did have a massive year and some unexpected income, but even with that it’s clear he just had us underpaying throughout the year. Moral of the story: find a really, really good CPA who understands your firm’s approach and documents. [/quote] If the end result is way better than you anticipated, you also should have anticipated a really big tax bill. Been there and it sucks but you need to have an explicit talk, in advance, with your accountant about whether you’d rather hold on to your money as long as possible or try to withhold exactly. [/quote]
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