For self-employed individuals and independent contractors, tax season may be challenging. You need to gather paperwork and documentation, and you need to decide when you will return (or hire a professional to help work with you). On occasion, even writing a big check to the IRS is necessary. For independent contractors, tax season occurs four times annually, which is too often to handle just once.
Depending on the kind of work you perform or how you get paid, you could need to pay your taxes through expected quarterly taxes. If you require help with tax calculation, you can immediately prepare your taxes using a 1099 tax calculator or a quarterly tax calculator.
In the United States, taxes are paid on a pay-as-you-go basis as income is earned. Freelancers are in charge of managing their own tax responsibilities using anticipated quarterly tax payments. [Read more…] about Why Are Quarterly Taxes Required for Freelancers?