What's Hot

    23 Super Lazy Ways to Make Money: $50+ Every Day

    10 steps to target and connect with potential customers effectively

    Up to $25K in Grants up for Grabs for Small Business Owners

    Facebook Twitter Instagram Pinterest TikTok
    Facebook Twitter Instagram Pinterest
    TuOnline
    Friday, March 24
    • Home
    • Money Making

      What is a Working Interview? (Everything You Need to Know)

      24/03/2023

      5 Tips for Boosting Your Income to Reach Your First $1 Million

      23/03/2023

      Steady App Review: Is It Worth The Hype?

      23/03/2023

      12 Ways for Couples to Make Money Together

      23/03/2023

      The Rule of 72 and Swensen’s Model of Asset Allocation

      23/03/2023
    • Online Business

      Up to $1 Million in Prizes Available to Black and Hispanic Entrepreneurs

      19/03/2023

      Grants Galore, Get Up To $25K for Your Small Business

      18/03/2023

      Verizon Small Business Opens New Round of Digital Ready Grants

      15/03/2023

      Gabrielle Union Providing $75K in Business Grants to Black Women Owned Companies

      15/03/2023

      Washington Hospitality Businesses Eligible for $100 Million Grant Program

      14/03/2023
    • Passive Income

      5 Proven Steps to Get Rich by Investing in Real Estate

      01/03/2023

      Airbnb Hosts Are Making Guests Do Chores and Pay for Cleaning

      28/02/2023

      How to Build Wealth Through a Side Hustle

      24/02/2023

      Discover Amazing Investment Opportunities on CrowdStreet

      24/02/2023

      Earn Money From YouTube:- 3 ways to Make $100 Daily With Faceless videos

      23/02/2023
    • Marketing
      1. Social Media Marketing
      2. Affiliate Marketing
      3. Email Marketing
      4. View All

      10 Ways to Use Social Media for Marketing

      21/11/2022

      Affiliate Marketing: Everything You Need to Know to Get Started

      21/11/2022

      10 Affiliate Marketing Tools Every Affiliate Manager Needs in Their Toolbox

      21/11/2022

      10 Ways to Master Remote Email Marketing While Staying Connected

      21/11/2022

      10 Proven Methods for Making Money with Email Marketing

      21/11/2022

      TikTok’s US Future Uncertain: CEO Faces Congress

      24/03/2023

      Should Congress Investigate Big Tech Platforms?

      23/03/2023

      TikTok CEO To Testify In Hearing On Data Privacy And Online Harm Reduction

      22/03/2023

      5 tips to get more value from your tech stack

      22/03/2023
    • Personal Development

      Five Reasons Why Financial Literacy is Important for Entrepreneurs

      14/03/2023

      Nine Impactful Changes These Leaders Made to Their Routines After Becoming Entrepreneurs

      03/03/2023

      5 Ways Business Professionals Can Benefit from Higher Education

      02/03/2023

      What spooks you about creating your own CTV app?

      20/02/2023

      Are You Experiencing Entrepreneurial Burnout? 5 Survival Tips

      20/02/2023
    • Contact us
    TuOnline
    Home » How to get independent contractor taxes right (and avoid penalties)
    Money Making

    How to get independent contractor taxes right (and avoid penalties)

    Facebook Twitter Pinterest Telegram WhatsApp
    Share
    Facebook Twitter Pinterest Telegram WhatsApp

    Tips on how to pay unbiased contractor taxes

    Now that you simply perceive a bit extra about how unbiased contractor taxes work, let’s get all the way down to the tactical stuff. 

    Right here’s precisely the way to pay unbiased contractor taxes.

    Step 1: Estimate your quarterly tax legal responsibility

    First, it’s a must to make an informed guess about how a lot cash you’ll make (and subsequently how a lot cash you’ll owe) in any given quarter.

    The IRS recommends utilizing type 1040-ES however you can too use a quarterly tax calculator to estimate.

    Keep in mind, this quantity doesn’t must be good. In the event you estimate too excessive or too low one quarter, simply alter for the subsequent quarter.

    Step 2: Make estimated quarterly tax funds

    When you’ve estimated your tax legal responsibility as an unbiased contractor, it’s a must to truly make a quarterly tax fee.

    You may ship a examine fee together with the aforementioned Type 1040-ES by mail, or (in case you’re not ninety years outdated) you’ll be able to pay on-line, by telephone, or out of your cell system utilizing the IRS2Go app.

    A lot of tax providers like Turbo Tax, HR Block, or your tax preparer even have quarterly choices.

    Step 3: Obtain 1099-Misc varieties from purchasers (if relevant)

    As soon as the tax yr involves an in depth (Dec. 31 of any given yr), any consumer you labored with over the earlier yr ought to ship you a 1099-Misc Type to adjust to IRS requirements.

    It’s your purchasers’ job to grasp who will get a 1099 type, but when they’re not used to working with unbiased contractors, it’s possible you’ll have to remind them.

    Retailer these varieties collectively in a secure place because you’ll want them to file your taxes.

    Step 4: File Schedule-C at tax time  

    Lastly, when the time involves reconcile and report your tax standing to the federal government, you’ll have to file a Schedule-C type—an appendage to the standard 1040 varieties used to report revenue. 

    A Schedule-C stories revenue (or loss) from a sole-proprietorship or different private enterprise. As an unbiased contractor, this implies you.

    File your taxes as all the time—utilizing a CPA or tax software program—making certain the additional data is accounted for.

    Share. Facebook Twitter Pinterest Telegram WhatsApp
    Previous ArticleSix Lucrative Careers in Digital Media You Must Consider
    Next Article How marketing leaders can make diversity work within their teams

    Related Posts

    Money Making

    What is a Working Interview? (Everything You Need to Know)

    Money Making

    5 Tips for Boosting Your Income to Reach Your First $1 Million

    Money Making

    Steady App Review: Is It Worth The Hype?

    Money Making

    12 Ways for Couples to Make Money Together

    Money Making

    The Rule of 72 and Swensen’s Model of Asset Allocation

    Money Making

    How to Become a Computer Programmer or Developer

    Money Making

    How To Get Free Google Play Credit and Codes (Legally!!!)

    Money Making

    4 Places To Sell Loose Diamonds Online & Locally in 2022

    Add A Comment

    Leave A Reply Cancel Reply

    Pages

     

    Money Making

    Online Business

    Passive Income

    Marketing

    Personal Development

    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Money Making

    How to Make Money as a Brand Ambassador: 10 Success Tips

    Model ambassadors have already discovered how a lot affect their voice can have on a…

    15 Best Places to Sell Jewelry Online And Local For Cash In 2023

    03/03/2023

    4 Ways To Buy Amazon Returns

    14/03/2023

    How to Make Money with Landscaping: Make Money While Growing a Better Earth

    22/02/2023
    Our Picks
    Money Making

    What is a Working Interview? (Everything You Need to Know)

    Marketing

    TikTok’s US Future Uncertain: CEO Faces Congress

    Money Making

    5 Tips for Boosting Your Income to Reach Your First $1 Million

    Money Making

    Steady App Review: Is It Worth The Hype?

    TuOnline is a Professional Make Money & Business Blog. Here we will provide you with only exciting content that you will enjoy and find useful. We’re working to turn our passion into a successful website. We hope you enjoy our Content as much as we enjoy offering them to you.

    Categories
    • Marketing (115)
      • Affiliate Marketing (2)
      • Email Marketing (2)
      • Social Media Marketing (1)
    • Money Making (145)
    • Online Business (59)
    • Passive Income (43)
    • Personal Development (29)
    Our Picks
    Money Making

    What is a Working Interview? (Everything You Need to Know)

    Marketing

    TikTok’s US Future Uncertain: CEO Faces Congress

    Money Making

    5 Tips for Boosting Your Income to Reach Your First $1 Million

    Pages

     

    Money Making

    Online Business

    Passive Income

    Marketing

    Personal Development

    Facebook Twitter Instagram Pinterest TikTok
    • Home
    • About Us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    © 2023 TuOnline

    Type above and press Enter to search. Press Esc to cancel.