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Monday, May 23, 2011

Federal Estimated Tax Payments Program added to the OBB

We are happy to announce that the Federal Estimated Tax Payments section is now available on The Benefit Bank as part of our online tax service!

Complete your Update Training
Click Here to start your training. When you finish, we will record your participation in your counselor records.

What is the Federal Estimated Tax Payments program?
This section of our tax service will help clients make advanced payments on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, gains from the sale of assets, prizes, awards or other income (hobby income, court awards, settlements, gambling winnings, etc.).  Additionally clients may have to pay estimated tax if the amount of income tax withheld from their salary or pension is not enough.

Encourage Eligible Clients to Apply Today
Clients who are self-employed may want to use this section on TBB so they can begin to formalize their business and start paying into Social Security and Medicare.  Clients who owed a large tax bill when they filed their 2010 Federal taxes may find the option to make advanced quarterly payments helpful. 

Learn More
Please visit the Tax Center to learn more about Federal Estimated Tax Payments.