Prism Tax & Advisory

If you owe taxes and can't pay them immediately, you might want to check out these two options for IRS payment plans you can apply for online.

Short-term payment plan: For individual taxpayers who owe $100,000 or less in taxes, penalties, and interest and can pay the entire balance in 180 days or less.

Simple payment plan: A long-term, monthly installment payment plan for individual taxpayers who owe $50,000 or less in taxes, penalties, and interest and have filed all of their required returns. There may be a setup fee with this option.

Just know, penalties + interest can keep stacking up until your balance is fully paid, regardless of whether you have a payment plan with the IRS.

Should it be illegal to have a tax due date fall on a Monday?! We think so, too.

If you clocked that quarterly taxes don't always follow a "quarterly" schedule, here's why...

Way back in the day, Tax Day used to be March 15th, so Congress counted three months out and set June 15th as the next estimated tax deadline.

But when Tax Day got pushed back to April 15th, the June 15th deadline stayed the same.

And, unfortunately, that's why your Q2 estimated taxes are due just two short months after you paid your April ones.

We don't make the rules; we just make sure you don't miss the deadlines!

"Hey, quick admin thing! Could you send me your completed W-9 for my records? Thank you!"

That's it. That's the text!

If you're paying contractors, you may need to issue them a 1099-NEC.

To do this, you need their legal name and taxpayer ID... which comes from their W-9.

Ideally, you should get a new contractor's W-9 as part of your onboarding process before you ever pay them (but trust us, we know this isn't always how it works in practice).

If they hesitate or ask why, just let them know it's an IRS requirement for businesses with contractors!

Getting your W-4 right on your first day at a new job is crucial, don't rush through it!

It's not just an onboarding task; it's telling your employer how much federal tax to take from your paycheck.

Filling out your W-4 correctly is the difference between not owing at tax time and getting hit with a surprise bill (or unnecessary refund).

If you want a little extra help, use the IRS's Tax Withholding Estimator to really dial in your W-4 or reach out to us for personalized assistance!

Another busy season in the books, and we're incredibly grateful. Thank you to our amazing clients for your trust, responsiveness, and partnership - you make the long days worth it.

We're proud to support such a hardworking group of business owners, families, and individuals. Your organization, patience and collaboration helped make this one of our best seasons yet.

Now we're shifting gears, catching our breath, and getting ready to continue supporting you beyond tax deadlines. We're always here for planning, strategy, and whatever comes next.

Thank you for being part of our community - we could not do this without you!