Here is the current information on
turbo tax self employed 2018.
Turbo Tax And Self-Employment
When Timothy Geithner got caught not paying taxes on self-employment during his Senate hearings, he accused Turbo Tax, saying it didn’t recognize that he’d to pay self employment tax.
Beyond the question of whether or not he must have been savvy enough to know that he’d to pay self employment taxes without a software program to tell him…
So you have to also ask yourself the question of whether or not you need to work on Turbo Tax self employed 2018 tax filings.
What Are the Self Employment Taxes?
Self employment taxes are a combination of income tax, social security and medicare tax.
Generally, social security is a 12.4 percent tax that’s applied to the first $106,800 of your income and not beyond.
Medicare tax is applied at 2.9% on everything you earn, with no cut off.
Those taxes total 15.3% of your earnings.
This seems a lot higher tax to pay than if you had been an employee, and it’s.
However,tThe advantage of self employment comes along with deductions.
This is thge golden area that you are looking for!
Self Employment Tax Deductions
Overall, you can deduct equipment like computers, business lunches, travel, home office expenses, and a lot more.
Of course, you need to be able to show that it links rto the running of your business.
And yes, Turbo Tax will assist you with those deductions. Despite Mr. Geithner’s hoopla.
It’s nearly impossible to not have this software direct you to self employment calculations.
How Can Turbo Tax Self Employed 2018 Help You With Self Employment Taxes?
Turbo Tax will ask if you’ve gotten a W-2 or a 1099 from an employer.
If you indicate the 1099, Turbo Tax will automatically identify you as self employed and add the self employment tax to what you already owe.
In addition, if you try to offer zero as your tax amount, this program will warn you that you may be audited or wind up owing back taxes.
From the point Turbo Tax identifies you as self employed, it’ll assist you to calculate all the deductions to which you’re legitimately entitled.
Fundamentally ,the only way for Turbo Tax to miss that you’re self employed is for you not to tell it that you receive a 1099.
In conlcusion, now is a great time for you to speak with an expert to see if you can save moeny on taxes.
This will help you avoid overpaying to Internal Revenue Service an a tax expert will provide intricate knowledge and valuable tips about personal finance and income tax.
Try it Free
If you want to get a head start check out or free guides below on what expenses you can claim back every tax season:
Finally, the goal of
turbo tax self employed 2018 is to legally reduce your self employed taxes while saving you time so that you can keep growing your business. Faithful in your success!
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