Use a 1099 Tax Calculator for Your Freelance Profession

Use a 1099 Tax Calculator for Your Freelance Profession

Recent highlights:

1. Any 1099 income you receive is reported to the IRS as income received; it's up to you to keep track of this information and write it on your tax return.

2. These payments include income, self-employment, and alternative minimum tax (AMT) for people who receive most of their income from freelance work.

3. The IRS wants to make sure businesses that make income must report it and pay the correct taxes to hold onto the money until tax season.

4. If you pay at least 90% of the current year's tax bill or 100% of the previous year's return is also produced, you don't have to worry about combining that tax liability with quarterly payments.

5. This amount will match your records, and it reflects gross income before taxes are taken out, not net income

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