Intro to online payment system: EFTPS

Its shockingly common

Explain estimated tax payments Who has to Pay Why Its Crucial Estimating income Electronic Federal Tax Payment system

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

General Rule you expect to owe $1,000+ Self Employed Home based business owners

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

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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

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