Estimated Tax Payments

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If Newly Self-Employed, Beware of Self-Employment Tax

By | May 18th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Self-employment tax is the bane of existence for many sole proprietors. And it’s often a surprise to people who are new to self-employment -- they file their tax return and find out that things often turn out much differently when you’re self-employed.

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Allocating Estimated Payments for Taxable Refund Calculations

By | March 21st, 2017|Categories: Potpourri of Tax Topics|Tags: , |

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year ... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

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How to Calculate Estimated Tax Payments

By | February 13th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

A common question from business owners is, how and when do I calculate quarterly estimated tax payments?

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Can You Get a Refund if You Pay Nothing In?

By | November 11th, 2016|Categories: Potpourri of Tax Topics, Small Business Tax and Accounting|Tags: , , |

Answer: this discussion goes beyond sole proprietors, and the short answer is "maybe."

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From the Archives: How to Allocate the Deduction for Federal Estimated Tax Payments on Your Iowa Tax Return

By | May 31st, 2016|Categories: From the Archives|Tags: , , , |

Iowa allows a deduction for federal income taxes paid, including estimated tax payments. The deduction for estimated payments is not straightforward if you're filing your tax return as married filing separately.