DynaTax Solutions
The ranks of the self-employed are 30 million and growing, due to recent layoffs. The majority of these earners have difficulty making large quarterly estimated tax payments, often incurring late payment penalties and worse. Businesspeople who find themselves delinquent in this area need not feel alone, as they are in the vast majority. Treasury Secretary Timothy Geithner, heads the list of an estimated 20 million in America who have been delinquent in their estimated tax obligations. In fact, IRS statistics show that less than 40% of self-employed earners comply with their tax payments, compared to salaried employees who are 98% compliant, thanks to mandatory withholdings.
In the “Why didn’t I think of that?” department; a New Jersey financial services technology company announces a patent-pending unique online system, where self-employed earners and partners experience a less-painful way to make required quarterly estimated tax payments: via affordable, weekly set-asides averaging under $20 per week for each $1,000 dollars of annual tax. The online system called DynaTax first opens an interest-bearing, FDIC insured escrow account at Citibank in the subscriber’s own name. Supervised by an attorney acting as escrow agent, weekly set-asides are calculated and accumulated in escrow, where they are automatically debited by the IRS quarterly.
Chairman / CFO Gary Abeles, points out that “I have always told my self-employed clients to set up a separate tax account and move money into there weekly to be sure they won’t get penalties, or have trouble with the IRS on April 15th due to a shortfall. Because no one has ever listened, I invented DynaTax as an automated system to do this online, with the concept to set it once and forget it.”
Serving as a practicing CPA for the past 30 years, Abeles underscores the large need for DynaTax, in that it could help fellow accountants and a large number of their clients to be tax compliant in a convenient, efficient and inexpensive way. The annual cost of using DynaTax is less than the IRS penalties incurred by a self-employed individual earning $17,000 who fails to makes sufficient quarterly estimated tax payments. Higher income earners will save even more, and subscribers can relax knowing their taxes, which are probably their single largest expense, are being paid with reliability and integrity.
For more information, visit the company’s website at www.dynatax.net.
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