I am self employed and moved to Florida from another state end of 2022.
I have been looking for a calculator that can tell me the amount I will owe at the end of 2023.
i.e. the max amount from the assumption of having zero write offs.
I've used the IRS estimator form and 5-6 other calculators.
Each one gives me a completely different answer... is there one that is reliable?
Since I'm filling out the IRS one myself I feel like there's room for error on my part so would prefer an automated one.
Second to this on some of the calculators it shows fed tax estimated due and on others it shows fed and self employed tax due... there was a $20k difference between the two results.
Any recommendations would be appreciated.
I also understand that turbo tax will estimate taxes, however this is my first year going into self employment entirely so historically my income has been different... unsure how accurate it will be.
an accurate one. probably not. however, if you complete your electronic return early enough and select your estimated tax option, Turbotax can produce a safe estimate based on 2022. yo heave an option to calculate your estimate based on 2023, but the accuracy depends on the accuracy of what you enter for 2023 which are probably just a guess for some items
Second to this on some of the calculators it shows fed tax estimated due and on others it shows fed and self employed tax due... there was a $20k difference between the two results.
federal estimated tax due would likely be your total federal tax less any withholding that you specified.
federal and self-employment tax due sounds like the total federal taxes before and withholding. so if your withholding is about $20K that's the answer.
an accurate one. probably not. however, if you complete your electronic return early enough and select your estimated tax option, Turbotax can produce a safe estimate based on 2022. yo heave an option to calculate your estimate based on 2023, but the accuracy depends on the accuracy of what you enter for 2023 which are probably just a guess for some items
Second to this on some of the calculators it shows fed tax estimated due and on others it shows fed and self employed tax due... there was a $20k difference between the two results.
federal estimated tax due would likely be your total federal tax less any withholding that you specified.
federal and self-employment tax due sounds like the total federal taxes before and withholding. so if your withholding is about $20K that's the answer.