January is the time to wrap up the old and start with the new

This goes for all your 2011 and 2012 tax, accounting and bookkeeping work as well.

Now is the time to meet with your tax accountant, if you haven’t already, to calculate your tax estimate for 2011 so you can avoid penalties and interest for not paying your tax on time.  Remember, for self-employed individuals and partners or shareholders who receive K-1 income, January 17th is the due date for your 4th and final 2011 estimated tax payment (Form 1040-ES).  In addition, good planning now will help you avoid a big tax bill surprise in April regardless of whether you are self-employed or not.
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