Here's what freelancers should know about estimated taxes


Here's what freelancers should know about estimated taxes

Quick summary:

1. If you were a US citizen or resident alien for all of 2020, your total tax was zero and you didn't have to file an income tax returnIf your income fluctuates drastically throughout the year (if you run a seasonal business, for instance), you may be able to lower or eliminate your estimated tax payments with an annualized income installment method.

2. Essentially, estimated tax allows you to prepay a portion of your income tax every few months to avoid paying a lump sum on Tax Day.

3. Instead, you can pay estimated taxes throughout the year to avoid tax penalties when filing your tax return

#biyro #realestate #accountant #womenownedbusiness #taxpreparer

More: https://biyro.com/blog/freelance/heres-what-freelancers-should-know-about-estimated-taxes/

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