Skip to main content

Posts

7 POINTERS FOR PAYING QUARTERLY ESTIMATED TAXES

  Thousands of Americans each year neglect to file their taxes on time, pay the associated fines, and pay interest fees. They need to recognize the significance of IRS tax deadlines, which is why this occurs. This blog post may be of interest to you if you fall under this category of the taxpayer because it offers advice on how to pay quarterly taxes while averting penalties and interest successfully. Self-employment income is recorded on Schedule SE .  How to do it successfully is explained in this post. However, everyone may pay their taxes with ease if they follow these straightforward tax recommendations, which are basic. Be aware of the deadlines; estimated quarterly taxes are due this month! Maintaining track of your debts as tax season gets underway is crucial. It can also be very perplexing and overwhelming. We wrote this post with it in mind. The dates to remember when paying quarterly estimated taxes are shown below. Taxes Are Due on April 15 for the Current Quarter The fourt
Post a Comment
Read more
Recent posts

HOW TO FILE YOUR TAXES AS A FREELANCER: A BEGINNER'S GUIDE TO FILING TAXES

 Tax forms look simple at first glance, but a closer look reveals that they're more complex than a mad scientist's to-do list or the instruction booklet for an inter dimensional portal. Regardless of their complexity, we all have to file our taxes. The great equalizer in America is that no matter who we are, we're all required to report to the IRS what we earned each year. In addition, every so often, freelancers have to file. The IRS has a lot of information about freelance tax forms available at IRS.gov, but it can be difficult to understand how to fill out taxes . Finding information on tax forms that is straightforward and comprehensible is exactly what freelancers and self-employed individuals desire. Freelancers and self-employed individuals can go through the most common tax return forms that apply to their work.     MOST COMMON TAX RETURN FORMS THAT APPLY TO FREELANCERS AND SELF-EMPLOYED INDIVIDUALS    The forms for the 2021 tax year from IRS are up-to-date for the
Post a Comment
Read more

Your Ultimate Guide to Instacart Tax 1099 Form

 Whether you are a side hustler or deliver groceries for full-time, driving for Instacart comes with its own benefits. When you are a full-time shopper, you are able to set your own schedule while heading out to the local stores as per your wish. Still, when you work for yourself, it will have some downsides as well -especially when you have to understand the Instacart 1099 Form .   Let us help you understand all about Instacart Tax 1099 Form and how you can handle the same seamlessly.  How Instacart Tax Works?  Instacart taxes can be quite complicated to understand -especially if you are a beginner. You should understand that your tax situation will vary depending on whether you are a full-time shopper or an in-store shopper.   Taxes for In-store Instacart Shoppers: At Instacart, in-store shoppers are categorized as Instacart employees. For taxation, they are treated in the same fashion as those working in a typical 9-to-5 setting. Instacart takes care of the overall withholding for t
Post a Comment
Read more

How to Calculate 1099 Self-Employed Tax?

Working as a self-employed or freelancer comes with many benefits. But the fact is that as a freelancer, you will need to pay a 1099 self-employed tax. This is significantly a Medicare Tax or Social Security tax for self-employed people. So, when you are a self-employed person, it’s your responsibility to ensure these taxes are paid completely. Overall, your Social Security and Medicare taxes are 15.30% of your net income from self-employment. When laid up, you are actually paying 12.4% Social Security and 2.9% Medicare tax.   Things to know before calculating your self-employed tax   If you are self-employed, you will likely get self-employment earnings from a number of clients. This signifies that you will need to find your self-employed net earnings for the year. That’s where a 1099-K form or 1099-MISC form comes in. For all freelance clients you have worked with throughout the year, you must get a 1099-MISC form. Alternatively, a 1099-K form is employed if you earn from a payment
Post a Comment
Read more

Important Tips for Federal Tax Forms 2022

 As the deadline for federal tax forms 2022 approaches, you might have questions about state, federal, and relevant business tax returns for the ongoing year. Tax credits, economic impact payments, and other types of relief offered in 2021 might have left you wondering how to file taxes in the post-pandemic era. With the help of the tax season guide by the government, you can effectively understand the steps needed to successfully file your tax returns this year.   While the regular tax season is over, you can still go ahead with filing a tax return until the time of 15th October, 2022. If you do not file now, you might miss out on the tax credits or refunds for which you might be eligible. While there might not be any penalty for late filing if you do not owe taxes, you can end up facing penalties or fees if you owe for 2021.   Helpful Tips for Federal Tax Forms 2022  #Gather All Important Forms  Collection of important tax documents is a critical step to file the tax returns. Some o
Post a Comment
Read more

A Guide to Instacart 1099 Taxes: When and Who’s Liable to Pay Instacart Taxes?

Document If you are driving for Instacart (full-time or part-time), you must keep a portion of your income aside for tax. Paying estimated taxes quarterly is the best way to avoid tax penalties and prepare yourself in advance for the tax season. You can also pay annually if you earn a small income from delivery. In this post, we have discussed Instacart and taxes . Read on to learn about your tax obligations from this self-employment income. Instacart and Taxes: What Taxes Instacart Workers Pay? Unless you are an in-store shopper, you are considered an independent contractor who’s supposed to file your income tax returns manually. Your income isn’t withheld automatically, leaving you with only one option — paying your taxes annually or quarterly by calculating the dues. Commonly known as FICA taxes, freelancers and business owners have to pay a fixed percentage of Social Security and Medicare taxes yearly, given that their income exceeds the $60
Post a Comment
Read more

Key IRS Tax Forms Every Taxpayer Needs to File

Document Paying income tax can seem overwhelming for American taxpayers, as there are dozens of forms, and each consists of several sections. Most people use tax filing software or work with tax accountants to simplify the filing part. But, before we get there, you need to understand various IRS tax forms that taxpayers with a certain income or specific sources of income are liable to submit. Let’s check out the 2022 tax forms . Form 1040 and Form 1040-EZ The standard two-page long tax return form consists of the details about your filing status, income, and dependents. You don’t necessarily need a job to be liable to fill out Form 1040. Even those without a source of income can file this form if they are eligible for tax credits and refunds.  This is a complicated version of Form 1040-EZ (for senior citizens), but it allows you greater flexibility and many deductions. You can itemize deductions and save more on your taxes. Form 1040-EZ is for 6
Post a Comment
Read more