Self-employed workers are responsible for paying taxes directly to the IRS. One way is to make estimated tax payments during the year. The next due date for 2019 is Sept. 16.
The Tax Cuts and Jobs Act changed the way tax is calculated for those with substantial income not subject to withholding. As a result, many self-employed workers may need to raise or lower the amount of tax they pay each quarter.
The revised estimated tax package, Form 1040-ES, on IRS.gov is designed to help taxpayers calculate their estimated payments correctly. The package includes a quick rundown of key tax changes, income tax rate schedules for 2019, and a worksheet for figuring the right amount to pay.
If you have any questions regarding accounting, domestic taxation, essential business accounting, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.