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Video instructions and help with filling out and completing Fill Form 2220 Filers

Instructions and Help about Fill Form 2220 Filers

Hi, my name is Shawn, right? I'm a Pittsburgh-based IRS tax attorney. I help small businesses and professionals overcome their issues with IRS back taxes. The big problem that a lot of people have is making estimated tax payments. They are supposed to be done quarterly, but they don't have to be quarterly, okay? They are difficult to pay quarterly. It's just difficult to think of them in quarters. Why? Because we don't get paid quarterly. I know of no one who gets paid quarterly. There are other ways that you can make your estimated tax payments. However, you can sit down with a tax professional and determine approximately what tax rate you should be paying. Some people, maybe those with a bunch of kids, might have a lower tax rate than someone who is single and has no kids. But regardless of your tax rate, if it's fifteen percent or twenty-two percent or whatever it is, then every time you get paid, you can set aside eighteen percent and write a check to the IRS as an estimated tax payment. Every time you get paid, you could also do this once a month. For instance, you sit down instead of waiting every three months, and do it once a month. I'm not suggesting that this is painless. Obviously, it's always painful to pay the IRS. Nobody likes to pay the IRS. But the alternative is bad because you're going to incur a lot of interest and a lot of penalties. And ultimately, you can go through a lot of trouble to try to maybe settle your tax debts or get into a payment plan with the IRS. And after you've done that, if you fall behind again on your estimated tax payments after you have settled or after you...