Your refund or balance due depends on how much tax was submitted throughout the year. Last year, the amount the IRS took out from your paycheck was adjusted for the new tax law changes. Some people were not fully realizing that would mean less of a refund or even owing tax at the end of the year.
To get a better idea of what you will owe for the next year, use this IRS Tax Withholding Estimator. The more details you put in, the more accurate it will be.
When you add in self-employment, too, which also is taxed at a different rate, it can be more difficult to estimate.
The IRS expects self-employment tax estimates paid in four times through the year: April 15, June 15, September 15, and Jan 15.
QuickBooks Self-Employed is a fabulous app that is free for TurboTax Online Self-Employed customers. It will calculate the quarterly tax amount due for you when you keep track of everything in the app.
Between these two resources, you can know what you need to pay in to get back to your higher refund amount.
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