Tax estimating doesn’t have to be an anxiety filled exercise. All you need is time, patience and the right information and you’ll have a handle on your tax liability without clumps of hair all around your desk. Changes in the tax code happen every year and it takes a little time to figure out how the changes will affect tax estimation and your tax plan, but that’s what we’re here for – to make sure you have all the tools and information you need to stay on the right side of your favorite “Big Brother.”

Solid record keeping is, without a doubt, the key to a stress free efile tax experience. Innocent until proven guilty may be the foundation of our country but it doesn’t apply when the IRS is involved. All the income, and more importantly all the deductions you claim on your tax return must be substantiated by receipts. If the IRS suspects foul play they have up to three to six years to call you on it, depending on the error. In cases of blatant tax fraud, like claiming less than 75% of your actual income, the IRS can come back to you at any time, even decades later.

In the following pages we’ll walk you through all the information you need to keep to estimate your taxes, give you tips on how to organize your tax records and make recommendations about how long the information should be stored.

We'll also provide you with tax estimating tips for calculating your tax liability so you’re not caught by any surprises when you file your tax return. W-4 forms that control the amount of money withheld for tax purposes can be tricky, but the object of the game is breaking even when it comes to your tax liability. While some people may not mind over paying all year long so they get a big refund in the spring, you definitely don’t want to end up owing Uncle Sam money and then having to scramble to get it together before he starts tacking on heavy failure to pay penalties.