2 out of 3 people fail to file or pay their quarterly estimated taxes on time. We make it easy to budget, set-aside, and remit your quarterly estimated tax payments. Think of it as a payroll tax withholding service for the self-employed.
There are at least 20 million self-employed workers in the U.S. If you fall into this category, you are probably required to pay quarterly estimated taxes.
What many self-employed people don’t realize is that if they don’t set-aside enough funds on a regular basis, they might not have enough to pay their estimated taxes at the end of each quarter. This can result in non-compliance, unexpected penalties, and interest charges.
While individuals who receive a regular paycheck have their taxes deducted automatically, there is no payroll tax withholding service for self-employed individuals. That’s where DynaTax® comes in. We provide flexible budgeting tools to help you stay on top of tax payments and ensure compliance
2 out of 3 self-employed individuals are non-compliant when it comes to paying their quarterly estimated taxes. Compare that to 99% compliance among U.S. workers who receive a regular paycheck from their employer (W-2 employees). Non-compliance is a big problem, and it costs money too.
Self-employed individuals also contribute the highest proportion of paper filings when submitting their taxes to the IRS. The ratio of paper to electronic filing is almost 250:1. Paper filing is not only a waste of trees, it is also highly inefficient.
DynaTax® provides an automated process for setting aside and remitting funds electronically to the IRS at the end of each estimated tax quarter. The result is a convenient and efficient solution for self-employed tax filers and a lot less wasted paper.