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Aisha Abdullah is a LaSalle University graduate, accountant and owner at Abdullah & Associates LLC. This presentation covers the controversial topic of tax evasion. What is happening right now in every country across the globe, an individual is earning an income that they will not report to their government. The US is leading the way with more than 337 Billion dollars in tax evasion. Its shockingly common. Featured in the news are reports of celebrities like Rapper Fat Joe, Scorsese, Wesley Snipes and Ja Rule who have all been slapped will millions of dollars in back taxes, interest and penalties. One thing we try to do at Abdullah & Associates is to explain that business owners and individuals have an easy alternative to estimating their tax payments. Estimated tax is the method used to calculate tax on untaxed earnings, self employment income, rental income, unemployment and SS benefits without voluntary with-holdings. IRS has started an online payment system called: Electronic Federal Tax Payment System, http://www.eftps.gov/ . You can figure out your income using your prior years tax return as a guide to what deductions and credits to use. After you complete form 1040ES you will know exactly what your payments will be every 3 months in January, April, June and September. In the meantime if you have any questions we are here to guide you through. Educational purposes only. Abdullah & associates is not liable for any misrepresentations of this as financial advice. Call and schedule a consultation to discuss your actual financial situation. Information in this presentation is not intended to replace financial advise from an accountant. Hire an accountant or lawyer if you are faced with an audit.
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Pay Taxes The Convenient Way
Intro to online payment system: EFTPS
Not Paying Taxes
Its shockingly common
Fat Joe sentenced to four months in prison for tax evasion. Rapper failed to file tax returns between 2007-2010
Agenda
Explain estimated tax payments Who has to Pay Why Its Crucial Estimating income Electronic Federal Tax Payment
system
Estimated Tax Payments
Estimated tax is the method used to pay tax on: Untaxed earnings Self-employment Rents Unemployment and SS benefits without voluntary
withholding, Pay Taxes 4 times a year
January April June September
Who Has to Pay
General Rule you expect to owe $1,000+
Self Employed Home based business owners
Why Its Crucial
You do not want to go to prison You can’t afford the penalties and
interest You do not want assets to be
garnished In your older years you do not want
the tax burdern
EFTPS
Online Payment System Internet can help you organize your
business Make Payments electronically
Secure, Easy and Convenient Funds Move out of your account on the
date you select
https://www.eftps.gov/
Choose Business Type
4 Easy Steps
Estimating Income
Form 1040-ES (PDF) helps you calculate
Use Prior Year as a Guide Income, deductions, credits include it
all Do not underpay taxes
Interest and penalties
Come To Us
Office Address: 5930 Haverford Avenue Philadelphia, PA 19151
Off: (215) 476-7000 Fax: (215) 476-7100 Cell: (215) 479-2079
