Tax season just ended, and we have been getting a lot of questions about taxes. Today, we are tackling those questions. We talk about tax-loss harvesting, tax implications for changing your 529 beneficiary, gift tax rules, tax withholdings, the home office deduction, and more.

The federal income tax system is pay-as-you-go, meaning taxes are expected to be paid gradually throughout the year, either through employer withholding or estimated tax payments. Unlike in some states, such as Utah, where all taxes might be due in April, the IRS expects federal taxes to be paid steadily. For W-2 employees, this happens through paycheck withholdings, while 1099 workers must make quarterly payments. These quarterly deadlines aren’t spaced evenly—they fall on April 15, June 15, September 15, and January 15. While anyone can make estimated payments, it’s usually more efficient for employees to simply adjust their withholdings. Withheld taxes are treated as if they were

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