Relief for Small Business Owners and CPAs from Tax-Aside-
A New Automated Estimated Tax Savings and Payment System

 

  (Verona, NJ - October 30, 2009) The time to worry about 2008 taxes stopped on October 15th, right? Not if you didn't have the money to pay Uncle Sam in full. In fact, 20 million in America (60% of self-employed earners) are delinquent paying their estimated tax, compared to salaried employees who are 98% compliant thanks to mandatory withholdings. The problem? Paying estimated tax quarterly is not easy, and the majority of business owners experience shortfalls, penalties, and worries. Now, entrepreneurs who find themselves struggling with their obligations can benefit from an easy-to-use, cost-effective online tool called Tax-Aside (www.Tax-Aside.com) that offers a more stress-free process for estimated tax compliance.

  Principal and spokesperson Barbara Weltman, Esq., renowned small business expert and author of J.K. Lasser's Guide for Small Business Taxes: Your Complete Guide to a Better Bottom Line, is using and recommending this new online system. "Think of it as a Christmas Club for estimated tax, and the cost of using it is less than the IRS penalties incurred by self-employed earners who fail to make timely estimated tax payments," Weltman says. ""Business owners and operators should use Tax-Aside to set-aside small weekly amounts, and relax knowing their taxes are being paid with reliability and integrity. It's a no-brainer!"

  The system tells Citibank to open an interest-bearing, FDIC-insured escrow account in the user's own name-neither Tax-Aside nor the government has access to these funds. Supervised by an attorney escrow agent, minimum weekly set-asides are calculated, scheduled, transferred, and accumulated in escrow, and upon final approval by the user, paid quarterly to the Treasury.

  Tax-Aside was invented by Gary Abeles, an ex-IRS agent and practicing CPA for the past 30 years, for his stubborn clients. "I always told my self-employed clients to set up a separate account and move small amounts into that account on a weekly basis to pay estimated tax and avoid penalties and trouble with the IRS on April 15th due to a shortfall. No one listened to me, so I saw the need for an automated system. I then formed and staffed a company known as DynaTax Solutions, Ltd., and with the support of industry and technology experts, designed, built, and applied for patents on a tool that puts this best-practice into place once and for all."

  From a different perspective, CPA and technology consultant Mark Plostock emphasizes, "As soon as I saw a demonstration, I chose to get involved. There is a world of pain in this area, not only for taxpayers, but for their accountants who have to constantly handle the nuisance of addressing IRS delinquency notices. I think of it literally: Tax-Aside--a user-friendly and adjustable tool that accommodates fluctuating finances of entrepreneurs." Plostock also points out "Between the interest earned, a tax deduction for the fees, and the penalties saved, Tax-Aside is quite cost-effective across all income brackets."

  Tax professionals are starting to use and recommend Tax-Aside to their clients, who report spending only about five minutes to enroll and set it up. The company says partnerships and industry associations are forming user groups for their clients and members, for which they receive commissions where appropriate.

  For more information go to www.Tax-Aside.com.

 

Tax-Aside Sequence

 

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