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Last-Minute Tax Payment? Increasing Paycheck Withholding (W-4) is Better Than Direct Estimated Tax Payments (1040-ES)

November 20, 2024 By Jonathan Ping Leave a Comment

It’s late in the year, and you may have realized that you will owe more income tax than you thought. In order to avoid penalties, you’ll need to send some extra money to the IRS or your state tax collector. Here is the *general* rule to avoid a penalty for underpayment of estimated tax, according to the IRS:

Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.

But again, that’s generally. Even if you send it by the end of the year, you may still be on the hook for some penalties because the IRS wants you to pay your taxes evenly throughout the year. For example, technically you’ll need to pay 25% of the tax shown on the return for the prior year for each of the four quarters, adding up to 100% over the entire year. They don’t allow you to pay everything on December 31st.

There are two ways to pay your taxes during the year:

  • Withholding from your pay, your pension or certain government payments, such as Social Security.
  • Making quarterly estimated tax payments during the year.

However, there is a small but potentially important different between the two options. No matter when your withholding is taken out from your paycheck during the year, it is viewed as being paid in evenly. In contrast, any 1040-ES estimated payments are assigned to a specific quarter.

So if you think you’ve underpaid your taxes by enough that penalties may apply, you should consider changing your paycheck withholding to increase your tax payments instead of making a direct payment to the IRS. Many payroll providers will let you adjust things online and you can specifically set the amount of extra withholding for them to take out. Or you may have to submit a W-4 directly to your HR department. This will be step 4(c) on the official W-4 form. Note that this will be the flat amount taken out of each paycheck until you change it back. See top image for reference (source).

Last updated: November 20, 2024

Qatar Airways Credit Card: Up to 80,000 Avios + OneWorld Status Perks (Limited-Time Offer)

November 19, 2024 By Jonathan Ping 2 Comments

Qatar Airways has new limited-time offers on their two US co-branded credit cards through a small issuer called Cardless. Even if you have no plans to fly on Qatar, these cards offer many perks useful to even domestic-only US travelers. For example, Qatar Airways Avios are easily transferrable to British Airways Avios and can be used to book award flights on American Airlines. These cards also include different levels of OneWorld Alliance status, which includes perks to American Airlines travelers like access to priority check-in lines and even business-class lounges with the premium version. Here are the highlights of the two card versions:

Qatar Airways Privilege Club Signature Credit Card

  • Up to 60,000 bonus Avios. 30,000 bonus Avios after first transaction. Additional 30,000 bonus Avios after spending $3,000 in the first 90 days.
  • Qatar Airways Privilege Club Silver tier benefits instantly after being accepted for this credit card. Importantly, this in turn gives you OneWorld Ruby status. Applies to the first year only.
  • 4X Avios on Qatar Airways spend.
  • 4X Avios on restaurant spends till Dec 31, 2024. Usually 2X.
  • 2x Avios on other eligible spends till Dec 31, 2024. Usually 1X.
  • $99 annual fee.

OneWorld Ruby status includes:

  • Access to Business Class priority check-in (shorter lines)
  • Access to preferred or pre-reserved seating
  • Priority on waitlists and when on standby
  • Alaska Airlines MVP status and perks
  • American Airlines AAdvantage Gold status and perks
  • British Airways Executive Club Bronze status and perks

Qatar Airways Privilege Club Infinite Credit Card

  • Up to 80,000 bonus Avios. 40,000 bonus Avios after first transaction. Additional 40,000 bonus Avios + 150 Qpoints after spending $5,000 in the first 90 days.
  • Qatar Airways Privilege Club Gold tier benefits instantly after being accepted for this credit card. Importantly, this in turn gives you OneWorld Sapphire status. Applies to the first year only.
  • 5X Avios on Qatar Airways spend.
  • 6X Avios on restaurant spends till Dec 31, 2024. Usually 3X.
  • 2x Avios on other eligible spends till Dec 31, 2024. Usually 1X.
  • $499 annual fee.

OneWorld Sapphire status includes:

  • Access to Business class lounges (including American Airlines lounges)
  • Priority boarding
  • Extra baggage allowance
  • Priority baggage handling
  • Access to Business Class priority check-in (shorter lines)
  • Access to preferred or pre-reserved seating
  • Priority on waitlists and when on standby
  • Alaska Airlines MVP Gold status and perks
  • American Airlines AAdvantage Platinum status and perks
  • British Airways Executive Club Silver status and perks

The application will check your Experian credit report, so be sure to unfreeze/unlock that first. You can only have one Cardless-issued credit card at a time.

This is one of those cards that you may not get as your first airline card, but once you’ve gotten most of the other ones you’ll start to look for other smaller issuers. This niche card still earns Avios which are very flexible.

Last updated: November 20, 2024

TreasuryDirect Customer Service Delays and Estate Planning Concerns

November 17, 2024 By Jonathan Ping 5 Comments

TreasuryDirect.gov is the official site for individuals to directly purchase US savings bonds and US Treasury bonds, including new T-Bills and TIPS at auction. But is it still worth the hassle? Back in August 2024, TreasuryDirect sent me the … [Read the rest]

Last updated: November 17, 2024

Top 10 Best Credit Card Bonus Offers – November 2024 (Updated)

November 15, 2024 By Jonathan Ping 41 Comments

Updated November 2024. That space in your wallet or purse is valuable, and you should be the one to get that value. By being smart and picky, you can find offers worth $500+ for a single card, all to encourage you to apply and try it out. This … [Read the rest]

Last updated: November 21, 2024

UnitedSM Explorer Card Review – 60,000 Miles Offer + Annual Fee Waived First Year

November 15, 2024 By Jonathan Ping 1 Comment

60k limited-time offer is back. The card_name is a Chase-issued credit card that offers unique perks on United Airlines including free checked bags and expanded award seat availability for redeeming miles. Here are the … [Read the rest]

Last updated: November 21, 2024

JetBlue Plus Card Review: 80,000 Bonus Points ($99 Annual Fee)

November 15, 2024 By Jonathan Ping 7 Comments

80k offer is back. The JetBlue Plus Mastercard is a rewards credit card that earns TrueBlue points for purchases and includes special perks for JetBlue customers. Right now, there is a special link above has an increased offer above the prior 50k … [Read the rest]

Last updated: November 15, 2024

Coinbase: $50 Bitcoin Bonus for New Customers (Ends 11/22)

November 14, 2024 By Jonathan Ping 1 Comment

Coinbase is offering a $50 BTC new user bonus for new customers that complete their first trade of at least $1. Offer expires soon on 11/22/24. The promo code GET50 should already be populated. Fine print says $50 in Bitcoin should arrive within … [Read the rest]

Last updated: November 14, 2024

Halfmore App: Turn Your Kids’ Chores into a Roth IRA

November 13, 2024 By Jonathan Ping 8 Comments

Roth IRAs are popular and powerful, and while they have an earned income requirement, they don't have a minimum age requirement. As long as a child has "official" earned income, they can contribute that into a Roth IRA (technically a Custodial Roth … [Read the rest]

Last updated: November 13, 2024

Best Interest Rates Survey: Savings Accounts, Money Markets, Treasuries, CDs, ETFs – November 2024

November 12, 2024 By Jonathan Ping 6 Comments

Here's my monthly roundup of the best interest rates on cash as of November 2024, roughly sorted from shortest to longest maturities. There are lesser-known opportunities available to individual investors, often earning more money while keeping the … [Read the rest]

Last updated: November 13, 2024

Southwest Airlines Credit Cards: New $400 + 40,000 Bonus Points Offer

November 12, 2024 By Jonathan Ping 26 Comments

(Updated with new cash + points offer. It is now late enough in the year that you should consider timing things to get your points credited in early 2025 so that you can go for obtaining your Companion Pass for the rest of 2025 + all of 2026. … [Read the rest]

Last updated: November 21, 2024

Barclays Bank Tiered Savings: $200 Bonus on $25,000 Deposit (4.50% APY)

November 12, 2024 By Jonathan Ping 1 Comment

Barclays Bank Delaware is an FDIC-insured US bank with a limited-time offer of a $200 bonus if you deposit $25,000+ in new funds into their Tiered Savings Account. You must open by 1/6/2025, fund within 30 days of opening, and maintain the balance … [Read the rest]

Last updated: November 12, 2024

US Bank Smartly Credit Card Review: Up to 4% Cash Back w/ $100,000 in Qualifying Balances

November 11, 2024 By Jonathan Ping 16 Comments

Update 11/11/24: Applications for this card are now open. No sign-up bonus. It let me check if I was "pre-approved" with a soft pull (had to unfreeze TransUnion for it to work), but I was not pre-approved. That might be because I recently applied … [Read the rest]

Last updated: November 12, 2024
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