Processing Your Fees: Do-it-yourself or Get an expert?
An additional 0.9% Medicare surtax relates to high-money earners just like the income tax season 2013. So for taxation seasons 2021, this new Medicare surtax applies to unmarried filers and you can minds away from household whoever earnings is higher than $two hundred,100000, married people submitting together whoever income is higher than $250,100 and you can married couples processing alone that have earnings regarding $125,100 or maybe more.
In the event the since another builder, you would expect so you’re able to owe $step 1,one hundred thousand or higher in the taxation after you document your own yearly go back, you are going to need to generate projected every quarter income tax money. This type of typical money safeguards on your own-work taxation along with your tax accountability towards 12 months. The first quarterly taxation payment per tax 12 months arrives during the April. Next money are due inside June and you may Sep, then January of following 12 months.
Not paying the estimated quarterly taxes or underpaying them get lead to an income tax punishment. How big is the new penalty hinges on how much cash your underpaid.
And remember, you’ll have to shell out tax and estimated quarterly taxation on the state peak, as well. Not paying state income taxes otherwise every quarter fees, or underpaying for each quarter, can also produce a taxation penalty.
Tax Deductions to possess Separate Contractors
Write-offs decrease your nonexempt earnings on the season. Separate designers allege them once the providers expenses on the fees. (περισσότερα…)