The World's first A.I. tax engine for freelancers.

  We all know how painful it can be to file taxes. Whether you’re an individual or a corporation, it is pretty much the same. You have to do it, and you have to do it in a timely manner. That’s why there are all list of tax forms out there, all designed to make it easier for you to do your taxes. If you don’t know which forms to use, or if you don’t even know what forms exist, it’s time for you to get some help. Here is a list of 10 of the most commonly used tax forms. Tax Forms That Every American Should Know W-2 Wage and Tax Statement The W-2 wage and tax statement is filled out by employers and gives them information about your wages and with holdings. This form shows your taxable income for the year and is also used to calculate your with holdings. 974EZ Electronic Filing Form This form is used to file your income tax returns online. All you have to do is log into the IRS website and fill it out. Once it’s done, you can print a copy to mail to the IRS. 1040 Individual Income T...

  With the rise of cryptocurrency in 2018, many people have started investing in Bitcoin or other cryptos. However, all the taxes involved in buying cryptos can be confusing. Cryptocurrency is taxed as in the United States. This means you are responsible for paying any capital gains or income taxes on your profits. The IRS has released a new guide to help taxpayers understand their responsibilities when dealing with cryptocurrencies. The guide, published on Dec. 17, 2019, outlines how the IRS views digital currencies and how they apply to US taxpayers. The IRS does not require taxpayers to pay taxes on cryptocurrency gains, but it does not allow them to deduct losses from these transactions. Here are some of the key points of the IRS's new guidance. How to deal with capital gains and losses Cryptocurrencies are classified as property under the federal tax code and not as currency. In the case of capital gains and losses, you must report any gains or losses on your taxes as long as...

  There are two main types of taxes ‘Income tax and Self-employment tax’Income tax is a tax that you pay on your total income. This is done through quarterly returns that you must file with the IRS, depending on your filing status. On the other hand, self-employment tax is a tax that you pay on your net earnings. This is done by filing a 1040-S. The 1040-S is a very detailed form, and if you don’t file it correctly, you could face a huge tax bill. These two taxes are pretty similar, but there is a small difference. While income tax is paid directly to the government, self-employment tax is paid directly to the state, county, city, etc. Estimated Tax Penalty You need to pay estimated taxes on your expected income when you have a low-income level.  estimated tax penalty calculated based on your estimated tax bracket and tax withholding rate. Your tax withholding rate is the percentage of your salary that the company withholds for tax purposes. Your tax withholding rate is usuall...

In addition to this, you should keep in mind that there is a cap on the amount of income you can earn before you pay the tax penalty. To calculate tax penalty , we need to calculate the average income for individuals. Let’s assume that the average income for a whole year was $10,000. So if you earned $10,000 in a year, you would not have to pay any tax penalties. However, if you earned $20,000 in the same period, you would be liable for the tax penalty. This is because the tax penalty is calculated on the previous year’s income, so the fact that you earned $10,000 more than last year is irrelevant. The only thing that matters is that you earned more than the average income for individuals in the previous year. How do I calculate my self-assessment tax penalty? This post will teach you how to calculate your self-assessment tax penalty without knowing anything about HMRC’s online tools. Self Assessment Penalty Calculator Many people don’t know that you can actually calculate the self-ass...

  It's true. When the IRS calculates your income, they often assume that you filed a quarterly tax return. This is because there are many ways that you can file your taxes. And while most people file their taxes using the annual method, there are also several other ways to do it. Use this calculator while filing a quarterly tax return , you will only need to make estimated payments on your quarterly taxes. That means that you will only need to pay a fraction of your total taxes each quarter. The best thing about filing a quarterly tax return is that you can file your taxes on any date, regardless of when you received your paycheck. This will help you plan your finances better and avoid late fees. But this is the only half of the story. If you don't owe enough money to file a quarterly tax return, you will also have to pay interest and penalties if you file using the annual method. So if you want to get a tax return on a quarterly, you should be sure that you have enough money i...

The 1040 tax return, sometimes called the 1040 or 1040EZ, is an annual federal income tax return that must be filed by every U.S. citizen or resident (except for members of the military and their families). 1040 is used to calculate taxable income. This includes gross income from wages, salaries, tips, alimony, child support, dividends, and interest. A tax preparer must provide clients with information to help them file their taxes correctly. If you are a tax preparer, there is some good information to help you out. Our blog offers tips and advice about all aspects of tax planning, including filing your taxes and the 1040 tax return form .   What to do when you receive a 1040 tax form? Now that you have received your 1040 tax form, you have to do something with it. These are important steps that will save you from having to deal with any problems which may happen if you don't do this. The first thing you need to do is make sure that everything is correct before you submit it to the...