Now that summer is nearly here, we hope you are getting outside to play in the grass and enjoy lots of sunshine! We know that taxes are not the first thing that comes to mind, but...

We want to remind you that second quarter estimated tax payments are due on June 16 for federal and state. If you are self-employed, a small business owner, and/or have significant income that is not reported on a W2, you most likely need to make estimated tax payments throughout the year to avoid penalties and interest. Your Tax Manager has provided vouchers with your tax returns for making estimated payments. You can mail these in with paper checks, but we encourage you to use another method, as the IRS is moving away from paper correspondence. Your SafeSend portal provides links for conveniently paying your taxes. (Click the image for a handy info-sheet on making tax payments.)

WAYS TO PAY THE IRS:

• IRS Direct Pay - free online payment directly from your bank account
• EFTPS (Electronic Federal Tax Payment System) - free but you must register ahead of time
• Credit or Debit card - through IRS-approved payment processors (fees apply)

WAYS TO PAY COLORADO:

• CO Revenue Online - free online payment
• EFT (Electronic Funds Transfer) - free but you must enroll ahead of time

Your Tax Manager can also set up all of your estimated payments for automatic direct debit when we file your tax returns - but you must give us permission and set it up BEFORE we finish your returns! And make sure you have the funds to cover the debits, of course.

1. Notify your Tax Manager if you've had any life changes, such as marriage, divorce, new dependents, property sale or purchase, etc.). These can affect your withholding and/or estimated payments, filing status, tax credits and deductions.
2. If you or your kids have summer jobs, these can also have tax implications.
3. Save receipts for summer day camps or childcare.
4. Summer donations of goods or cash, as well as volunteer activities, may be deductible - keep detailed records and receipts!
5. Home improvements? Save invoices for these, as well as any energy-efficient upgrades.