I’m a freelancer and I’m trying to figure out how much I owe back in taxes.
  1. Hi there, if you earn over $400 from freelancing activities, you're subject to self-employment taxes. This means you must pay income tax and self-employment tax ... Read more

I had questions regarding capital losses for taxes. So this year, I have made money from stocks and also lost money from stocks. Overall, I am down around 20,000 dollars in stocks. So then can I deduct $3,000 from ordinary ...

Hi, I read a lot about estimated tax but I am still confused. Is it based on sales amount or net income? I read that it's good to pay 25% to 30% each quarter but I am having trouble computing it ...
  1. Hi there, the quarterly taxes is based on your estimated net income. Take a look at this section on estimated taxes in our tax guide for freelancers - https://a ... Read more

I Just got an EIN number for a little jewelry shop, online.. I wont have employees or make much income. Its basically to shop wholesale. I understand how it works with purchases but when filing taxes, will I need to ...
  1. If you want to reduce the income number by those expenses, you should retain copies of receipts with your bank statements for proof of the expenses. Many small ... Read more

What will I get taxed on an inherited annuity lump sum payment if I am a non spouse. Benefit is around 60000. I am married with 3 dependents.
  1. If you inherit an annuity and you aren’t the annuitant’s spouse, when you have to pay taxes depends on how you decide to receive distributions from the annuity. ... Read more