Note that even if you get an extension, any taxes owed are still due on April 15. You need to pay up — you just don’t have to submit the paperwork until October. Given the complexities of tax filing for self-employed people, it might be good to get a jump on tax preparation if...
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Once you calculate the deduction, you must report it in the “taxes you paid” section of Schedule A. Keep in mind that your state tax refund may be taxable on the next federal return you file. This is because the IRS allows you to deduct your state tax payments rather than ...
Here's how to plan and prepare your taxes like a pro, so you can save the most money and get the biggest tax refund possible.
Form 1040-ES can help freelancers or those who are self-employed calculate their estimated quarterly taxes. This form can also be used to estimate taxes on income that is not subject to withholding (e.g., dividends or interest)....
itemize your taxes,see form.) Calculate your allowances based on your current situation and be sure to carry that number down to Line 5 on the first page. Fill in the rest of your information and pass it on to your payroll or HR department, whichever handles the processing of W-4 ...
Learning How to Get a Big Tax Refund Takes Time, so Start Early! The key to getting a big tax refund is to prove to the IRS that you’ve paid more taxes than you owed. This means gathering all relevant documents, from your last year tax return to this year’s form, receipts, and...
How to fill out a Form W-4 is more important than ever. And even if you’ve completed the form in the past, you may need some help because it’s a little different now. For example, in previous years the form was used primarily to calculate allowances. Each allowance was a flat am...
Self-employed individuals, freelancers, and small business owners use IRS Form 1040 Schedule SE to report FICA taxes, which fund Social Security and Medicare. Since the IRS considers self-employed people as both employer and employee, they are responsible for paying both halves of the FICA taxes....
There are many methods of determining your gain or loss on the sale of a security. You must determine the method that works best for you and stick with it. Although the first-in, first-out method might be the easiest to calculate and track, it might not always be the most advantageous....