This is the first year that I'm working completely as a self-employed person and I would like to estimate how much I will owe next year. I know you have a tax estimator tool but it doesn't seem to take into account things like child care credit and other credits that aren't related to the actual business. Is there a way to get a more accurate idea of what I will owe with my credits included?
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Hi @saraneedscoffee83 Here is a calculator from the IRS that may help get a more accurate idea of your tax situation.
https://apps.irs.gov/app/tax-withholding-estimator
That link is only for individuals who receive a paycheck or pension that withholds money. This whole event is about self-employed individuals so I'm confused why this calculator was even suggested.
Try these tools:
http://www.irs.gov/Individuals/IRS-Withholding-Calculator
https://turbotax.intuit.com/tax-tools
http://turbotax.intuit.com/tax-tools/calculators/taxcaster
Even though the program comes out sometime in November each year it is only a beta version which will not be fully operational until late January at the earliest (much later for some forms and the state programs). Efiling will not be open until late January at best so do not be in a rush to file.
If you are trying to do some tax planning then use the fully operational 2020 downloaded version instead.
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
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