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What Are Quarterly Estimated Taxes?
If you are self-employed or a contract worker and you are generating a profit, you may need to pay estimated quarterly taxes. Quarterly estimated taxes are periodic tax payments made by individuals and business owners who earn income that doesn't ...
Who Needs to Pay Quarterly Estimated Taxes?
Business owners, freelancers, independent contractors, and self-employed individuals are typically required to pay quarterly federal estimated taxes if they expect to owe $1,000 or more in taxes when they file their tax return. If your business ...
What Can I Deduct for My Business?
There is no comprehensive list of what you can and cannot deduct as a business owner. Every business and every industry is unique, so what you can write off will vary based on your unique situation. The IRS guidelines state that you can write off ...
Are There Consequences for Extending My Taxes?
Overall, extending your tax return can be very beneficial for your business. It can give you more time to make sure your taxes are accurate and to catch deductions that can lower your tax bill. After filing an extension, you have an additional six ...
How Much Do I Need to Pay for Quarterly Estimated Taxes?
The important thing to remember with quarterly estimated taxes is that they are estimates. If you make more or less income than you anticipated, you can adjust your estimates for the next quarter. In addition, if you have questions or want help ...