If you’re impacted by a natural disaster, check our IRS Disaster Relief page to see if you qualify for an automatic tax filing or payment extension. Key Takeaways Use IRS Form 1040-ES to make estimated tax pay
IRS Form 1040EZ was a simplified version of the 1040 designed for taxpayers with basic tax situations. While the 1040EZ was discontinued in 2018, Form 1040 has been modified and Form 1040-SR was introduced. Here's a guide to help you understand the diffe
What is a 1040 form? Form 1040, formally known as the “U.S. Individual Income Tax Return,” is the form people use to report income to the IRS, claim tax deductions and credits, and calculate their tax refund or bill for the year. The IRS releases a revised version of the...
“If you’re self-employed, have a side gig, I encourage people to remember and gather their receipts for any expenses directly related to their businesses,” says Lisa Greene-Lewis, a tax expert at Intuit TurboTax No matter what, though, any income should be reported. Here’s what you ...
Some cater to self-employed individuals, while others may be a good fit for spouses who don't work but would like to bolster their retirement savings: Roth, SEP, SIMPLE, Backdoor Roth, Spousal, Self-directed, and Inherited. You can learn more about each of these in our guide to ...
If you’re self-employed, you have to pay self-employment tax in addition to income tax. Here’s what the tax costs and how to pay it.
Provide your street address, city, state, and ZIP code. Use the address that you will use on your tax return. For example, if you're a sole proprietor who rents office space, but you file your tax return using your home address, enter your home address on form W-9 so the IRS won...
If you are required to make estimated tax payment as someone who is self-employed or for other reasons, Tax Day is generally the due date of the first payment for that year. Make your four estimated tax payments throughout the year to balance your taxes. Ongoing IRS Tax Amendment State Ta...
Still not sure? Visit the IRS’s discussion of this exact topicfor more information. Common Tax Deductions for the Self-Employed Mileage Self-employed individuals can deduct their non-commuting business mileage. This mileage includes miles that you drive to your first delivery pickup, between deliv...
Under the new rules set forth by the IRS, if you got paid more than $600 for the transaction of goods and services through third-party payment platforms, you will receive a 1099-K for reporting the income. With this new, lower threshold for triggering the tax form, more individuals with...