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THE SAUGUS ADVOCATE – FriDAy, DECEmbEr 8, 2023 Page 17 OBITUARY Philip Geotis ESTIMATED TAX PENALTIES Taxpayers are often surprised when the IRS assesses penalties for the underpayment of estimated tax payments throughout the year. Fortunately, taxpayers can take advantage of the estimated tax payment safe harbor. If you meet the IRS safe harbor guidelines, you will not be assessed an underpayment of estimated tax penalty. The IRS will not assess an underpayment penalty if you pay at least 90% of the income tax you owe for the current year ratably throughout the year, or 100% of the income tax you owed for the previous calendar year, also having been paid ratably throughout the year, whichever is less. Furthermore, there is no penalty assessed if the balance due on April 15th is less than $1,000. Keep in mind that if you do not pay the tax owed on your current year’s income tax return in full by April 15th, the IRS will assess interest and “late payment” penalties until such time as the full balance of the tax is paid. The late payment penalty is a separate penalty from the “underpayment of estimated income tax penalty”. Also note that if you earn your income ratably throughout the year as a self-employed individual, for example, you cannot lump all four of your required estimated income tax payments into the fourth and fi nal estimated tax payment, which is due on January 15th of the following year, and avoid the underpayment penalty. Estimated tax payments are due April 15th, June 15th, September 15th and January 15th of each year. If, however, your adjusted gross income for the previous calendar year is over $150,000 for joint fi lers and $75,000 for single and married fi ling separate fi lers, then you must pay the lower of 90% of the total income tax for the current year throughout the year, or 110% of the total income tax you owed for the previous calendar year. There are exceptions to the underpayment of estimated income tax penalty. You can eliminate or greatly reduce the penalty if you did not receive your income evenly throughout the three children, Nicholas and his wife Rebecca, Taylor and his wife Kiley, and his youngest son Alec. He is also survived by his brother Paul Geotis, nieces Melissa Ciampa, Jenn Abell, Stacey Geotis, and nephews Adam and Kevin Geotis among many loving friends and extended family members. The family of Phil wishes to extend our sincere thank you to the doctors and nurses at Mass General Hospital for their dedicated and loving care. Visitation was held at year. For example, if you operate a seasonable business and the bulk of your income is generated during the last quarter of the calendar year, or if you sold investment property late in the year and realized a sizable capital gain. Another example would be if you withdrew a lump sum from a retirement plan late in the year and you did not have federal and Mass withholdings taken out at the time of withdrawal. IRS Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts should be prepared as part of your tax return to determine if you are indeed subject to the penalty. If you complete Schedule AI, Part One, on page two of this form, you will be able to insert the information necessary to prove to the IRS when during the year you earned the income. In eff ect, you compute your adjusted gross income for the fi rst 3 months of the year and annualize it, the fi rst 5 months of the year and annualize it, the fi rst 8 months of the year and annualize it and then for the entire year to see if you meet the annualized income exception to the penalty. You can also avoid the penalty due to a casualty, disaster or other unusual circumstance which would make it unfair to assess the penalty. You can request a waver of the penalty in these situations by checking off box A of Part II, page one, of Form 2210, and submit documentation supporting your reason for the waiver. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. f Saugus. Passed away peacefully on November 26, 2023, surrounded by his closest family. Philip, better known as O Phil, was born to Evelyn and Spiros Geotis on March 28, 1966, in Saugus, MA. He married his high school sweetheart, Barbra Geotis, on May 16, 1987. He was a loyal employee as a truck driver for EZ Disposal for over 20 years. His countless “colorful” stories from the road reflect his charismatic personality and love of driving. He loved nature-especially bird watching, being outdoors, campfires, canoeing, and riding bikes. As any true Bostonian, he was a passionate (and profane) sports fan, a huge movie buff, and was Aerosmith’s number one fan. You could always count on Phil to throw movie quotes into any conversation, probably while holding a glass of Pepsi. Phil was the best at making people laugh and his own laughter was incredibly contagious. He lit up every room with his sarcastic and animated personality. Phil’s favorite pastime was spending time making memories with his family. He was especially proud of his three boys and loved, more than anything in the world, talking about memories of them growing up. Philip is preceded in death by his Mother Evelyn, his father Spiros and his siblings Karen Ciampa and George Geotis. Philip is survived by his loving wife, Barbra and the A. J. Spadafora Funeral Home, Malden on Saturday, December 2. In lieu of flowers, donations can be made to Phil’s favorite place in his memory to the Mass Audubon’s Ipswich River Wildlife Sanctuary at https://tinyurl.com/ massaudu and direct your gift to Ipswich River or by mail at Mass Audubon to Ipswich River Wildlife Sanctuary, 87 Perkins Row, Topsfield, MA 01983. O f Saugus. Passed away unexpectedly at her home in Saugus on December 01. Born in Somerville, she was the daughter of the late Walden and Constance (Merlin) Boudreau. A painter by trade Susan was a member of the local union and enjoyed spending time with family and friends. She is survived by her beloved brothers James and Ricky Boudreau of Saugus. Relatives and friends are invited to attend a memorial service in the Bisbee-Porcella Funeral Home, 549 Lincoln Ave., Saugus, on Saturday, December 9th at noon. Susan A. (Boudreau) Tracy ANNOUNCEMENT The Saugus Board of Selectmen is accepting applications for appointments to the Saugus Cable Television (SCTV) Board of Directors, for the Town of Saugus. This is a volunteer/ non paid position for Saugus residents. Those interested may submit letter of interest / resume, to the selectmen no later than January 2, 2024. Saugus Board of Selectmen Saugus Town Hall 298 Central Street, Suite 4 Saugus, MA 01906 December 08, 2023 ~ LEGAL NOTICE ~ SPECIAL PERMIT REQUEST SAUGUS BOARD OF SELECTMEN PUBLIC HEARING Notice is hereby given that the Saugus Board of Selectmen will conduct a Public Hearing on the application for a Special Permit (S-2) under Chapter 40 A, Section 9, and under Section 12.D of the Zoning By-Laws, to allow for the operation of a business with a drive-through window, at 799 and 799R Broadway, Saugus, MA. Petitioner Raising Cane’s/property owners George Nikole Family Trust, Rudbeckia Properties, LLC and Timothy Gann. This hearing will be held in the Saugus Town Hall Auditorium, second floor, 298 Central Street, Saugus, MA, on December 19, 2023 at 7:00 PM. Debra Panetta, Chairman Janice K. Jarosz, Temp. Clerk December 01, 08, 2023

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