Wednesday, March 30, 2011

Just how safe is it?

Q.  I'm a little concerned as my preparer suggests that I have my estimated tax payments automatically withdraw each quarter. Just how safe is this? I don't want to give the IRS too much information. They've taken enough of my hard earned money over the years! JP, California

A.  Many of our viewers will commiserate with you! From a practical standpoint, however, it is quite safe (I do this myself) and you don't need to worry about giving the IRS or any state taxing authority too much information. They can get any and all information by court order anyway.  If like my husband and myself, you travel around this great country in your RV, it's nice not to worry about making estimated tax payments on time; and if you normally make payments on line, and can't get a signal or are in a weak area, you run the chance of being late. Rural mail boxes aren't a great idea either. Try it - I think you'll like it!

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