Form 1040-ES Form 1040-ES can help freelancers or those who are self-employed calculate their estimated quarterly taxes. This form can also be used to estimate taxes on income that is not subject ...

Businesses also need to file Form 1099-NEC if the business withholds federal income tax from a nonemployee’s compensation, regardless of the amount of the payment. • If you are self-employed ...

IRS Form 7206 provides a straightforward way to claim your health insurance deductions, including those linked to long-term care insurance. Prior to the 2023 tax year, self-employed tax filers ...

Finally, employers must also file employment tax returns. They report the FICA taxes quarterly to the IRS on IRS Form 941, Employer’s QUARTERLY Federal Tax Return. And they report FUTA taxes ...

The self-employment tax In addition to income tax ... you can elect to claim the premiums on your Schedule A form instead of your Schedule C form," McGrant says. Retirement contributions If ...

The self-employment tax rate is 15.3% of income ... To estimate your quarterly payments, you can use the IRS' Form 1040-ES. However, if you don't keep up with your estimated tax payments, you ...