U.S. #Taxes : a Pay-as-You-Go System
You know what that means? You have a deadline to pay taxes, but you can throw money to the Internal Revenue Service AS YOU GO throughout the year. Hence why your employer would send taxes via each paycheck, and at tax time, you either owe a little more extra, break even, or possibly get a refund.
But what happens when you're self-employed? What then?
Expect to keep up with the IRS yourself if you really think you'll owe more than $1K at tax time. You can get the help with deductions and credits, though, if you sign up with #ITPN (especially given the fact that you're self-employed!). You'll get 1099 (W-9) forms, obviously, and you'll be expected to make estimated payments on a quarterly basis — as if you're your own employer, paying those taxes right out of your paycheck every single time.
Sound like a lot of work? No worries. We can help.
Actually, there should be 11 tax return tips here. But the first one is important. The first tip is to click on this article and READ.