As your reliable source of tax services in Round Rock, Texas, we at KF Tax & Accounting, P.C. will always provide you with useful information to help you navigate the tax system with ease. Today, we would like to spotlight the topic of estimated tax payments.
Most people who are in regularly employed positions only have to think about income tax. But those who get their money from other sources, including self-employment, must think about estimated tax.
What is it? It’s the amount you must pay for earnings that aren’t subject to withholding. That includes income from awards, gigs, dividends, and rent.
Figuring out how much you must pay in estimated taxes is tricky when you’re doing it for the first time. If you’re a self-employed individual, you’re not only paying federal income tax but also a self-employment tax, currently set at 15.3%. That can be a tax filing conundrum on its own.
You must also consider tax deductions and the credits you qualify for. Without help, you can easily be overwhelmed by all the factors you must take into account. Fortunately, you can avoid that by working with a reliable provider of accounting and bookkeeping services.
As a go-to choice among tax accounting firms in Texas, we can help you prepare for estimated tax payments on a quarterly basis. By ironing out the tax process on your behalf, we help you stay in the clear and focus on what you do.
Learn more by calling us today!