Help, I Missed an Estimated Tax Payment! What Should I Do?

Help, I Missed an Estimated Tax Payment! What Should I Do?

This article is for only those individuals who pay estimated taxes: Business owners, self-employed people, and others whose income situation necessitates quarterly payments. If you’re a US Citizen or resident who owed no tax on your last tax return (which covered a 12-month period), then no need to worry about estimated taxes this year. Many employees and college students fall into this category of not having to pay estimated taxes. So, you missed a deadline in filing your 1040-ES, the (tiny) form that you mail to the IRS with a check four times a year, or that you pay online.…
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Q1 Estimated Taxes

Q1 Estimated Taxes

https://youtu.be/egI9_uWEUNM Starting a new business is stressful. You have to figure out how to market yourself (and to whom), what to buy and when, how to grow your sales, how to hire and evaluate your employees, and of course how to handle taxes. Well, there’s some good news at least: we can help you figure out how to handle your taxes! Who Has to Pay Estimated Taxes? Generally speaking, you only have to pay estimated taxes if you don’t pay withholding on all your income. People who make substantially all of their income as an employee probably don’t need to…
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What are Self-Employment(SE) Taxes?

What are Self-Employment(SE) Taxes?

https://youtu.be/StEiHsOdknM What Are Self-Employment (SE) Taxes? For the sake of argument, let’s say you’re an employee. Since 1990, 7.65% of your paycheck has been sucked into the government’s coffers before you even saw it. Your employer has been doing the exact same amount in tandem by paying 7.65% of your paycheck to the government in payroll taxes for each of their employees. By now you’ve probably done the math: 15.3% of every employee’s paycheck goes to the government right away (up to the annual Social Security cap at least, which in 2019 is $132,900). If you want to get technical,…
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