Monday, May 21, 2018

Thinking of Taxes in May

I am the Taxman and you are working for no one but me.

Since I retired I get income from TIAA (my pension) and Social Security every month.  I indicated a certain amount of New York State and federal taxes to be deducted from TIAA, but I can't get anything deducted from Social Security.  In February I received a payout for unused sick time over 25 years.  I was concerned that I had too little withheld this year, so I consulted with my accountant today.  He suggested that I send estimated taxes to the state and federal governments in June, September, and January.  This way I would not get hit with a big tax bill in 2019.  I was also afraid that I could get a big penalty if I underpaid. 

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