An Easy Way to File Taxes The IRS has done a good job of easing the pain of tax filing via e-filing digitally and millions of U.S. taxpayer are taking full advantage, and in growing numbers every year. If you're wondering if 2019 is the year you'll file your taxes electronically, ...
All taxpayers must make quarterly estimated tax payments to the Internal Revenue Service. For individual employees, this is done automatically through payroll tax withholding. Partners and S corporation shareholders must send in estimated payments on the
Cut taxes now; figure out how to cope laterBARRY NOREEN
You wouldn’t be wrong for feeling that taxes are often shrouded in mystery. As your tax situation becomes more complex, so can the filing process. Be that as it may, here are seven steps to follow when filing your taxes that should simplify the process for you. 1. Figure out if you...
Remember the first day of your job? Don’t worry. We don’t either. A new job is a blur of new names and spaces. But at some point, you probablyfilled out a W-4 formto help your employer figure out how much taxes to withhold from each paycheck. ...
4. Calculate your taxes Now, let’s calculate your actual taxes. Forfreelancers, your taxes will look like this: Self-employment taxes = Social Security tax + Medicare tax We’ll dive into exactly what each part of this equation means shortly. But if you want to skip the explanation and ...
Add self-employment taxes and unreported taxes to the amount of tax you owe. This is the final amount of tax that the IRS requires you to pay. From this amount, subtract any tax you’ve already paid to the IRS for the tax year, such as federal withholding, estimated taxes and additiona...
One of the tools the IRS has to help you with this process is youronline tax account. If you don’t have one yet, set it up. This will make it easier for you when you need to figure out what is going on, make payments, or consult your tax records. ...
TheIRS Withholding Calculatorcan help you figure out exactly how much must be taken out for each individual employee, but the specific amounts to deduct will depend on the employee’s filing status (single, married, head of household, etc.), the number of allowances or dependents they have,...
you'll receive it more quickly the sooner you file. And even if you're not, you will make itless likely that you will be the victim of identity theft, a recurring problem during income tax season. You can figure your taxes on