Small Business Taxes Made Easy: Estimated Tax Payments

Author: Eva Rosenberg

Join the class to learn how to set up or improve your business during this COVID19 time in the world. This course is based on the tips and tools discussed in TaxMama’s latest book, Small Business Taxes Made Easy. Who needs to make estimated tax payments these days? When and how to pay the taxes. And what to do when the business cannot afford to make the estimated tax payments or to even pay their tax liability when it’s time to file their tax returns.

Publication Date: July 2020

Designed For
Tax practitioners at all levels regardless of tax practice and Business Owners.

Topics Covered

• When Estimated Payments are Due
• Why You Want to Deposit Payroll Taxes and Estimated Taxes on Time
• Payroll Taxes and Deposits
• EFTPS and Making Estimated Payments in General
• Estimated Payments (ES) Overview
• My Short Method
• Computing Your Estimated Installment Payments
• Cash Flow Strategy
• Worst‐Case Scenario ‐ and Failing Marriages
• IRS Penalties and Getting Penalties Abated

Learning Objectives

• Identify the easiest way to determine how much to pay, how to meet the minimum payment amounts, and what to do when the taxpayers cannot afford to pay the taxes they owe
• Recognize due dates for Form 1040 & Form 941 quarterly estimated taxes
• Describe correct statements of a "Trust Fund" for payroll purposes
• Describe true statements about EFTPS
• Recognize what percentage of taxes that the IRS collects comes from employer deposits
• Identify strategies to eliminate the underpayment penalties

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None