I Owe a Lot of Taxes… Why Does This Happen and What Can I Do About it?
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*This activity is only available March, April, & May of 2024. All components must be completed by May 31, 2024 to earn CEUs.*
Are you confused about why you owe a lot of taxes when you file? Are you currently sitting on a huge tax bill that you don’t know how to handle? Taxes can be an extremely stressful experience for freelance interpreters, especially if you are blindsided year after year with a large tax bill that you’re unprepared for. This webinar will explain various payment options that are available if you find yourself with a large tax bill that you can’t afford. It will also teach you how to avoid owing large balances in the future by ensuring correct estimated taxes and withholdings are paid throughout the year. In addition, we will examine several real-life scenarios to help interpreters apply the concepts taught and gain an idea of how they can apply them to their own unique situations.
This activity has been approved for 0.3 RID Professional Studies CEUs at the Little/None Content Level.
*Note: The activities presented are opportunities for you to practice applying these concepts. You are not required to make any payments to the IRS or submit any forms to your employers if you do not want to. You are also not required to make any online accounts if you do not want to.*
Rosemary Bocian, MA, EA, NIC
Rosemary Bocian, MA, EA, NIC, has been an ASL freelance interpreter since 2011. In 2017 she co-authored the book "The Interpreter's Quick Guide to Self-Employment" which is currently being used by Interpreter Training Programs nationwide and sold on Amazon as well as at select Barnes & Nobles locations. Following publication, she began teaching workshops across the nation including the 2019 RID National Conference. This inspired her to become an Enrolled Agent and support interpreters directly by providing tax preparation services through her business Quick Guide Tax. Rosemary received both her Bachelor’s in ASL Interpretation and Master’s in Deaf Studies: Culture from Gallaudet University. As a professional tax preparer (EA), author and seasoned speaker, Rosemary presents the complex world of taxes in plain language so that interpreters can thrive in the profession.
Participants will understand what quarterly estimated taxes are and how they impact the amount of taxes owed when filing in the spring.
Participants will be able to complete form W4 to ensure correct tax withholding from multiple employers.
Participants will be able to describe the difference between short term and long term federal tax payment plans.
Participants will be able to identify the criteria involved with qualifying for federal tax debt forgiveness (also referred to as “tax relief”).
Participants will be able to indicate three warning signs to avoid when selecting a tax debt relief service.
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