If youre self-employed, youve probably been encouraged to set aside 30% of each paycheck in taxes. Often this is much higher than is required and is money you could better spend on investments or you own personal life.
Knowing how much to save doesnt have to be a shot in the dark, and you shouldnt have to spend hours filling out the 1040-ES, running numbers, and hoping you didnt make a mistake.
Catered towards self-employed individuals, this tax app allows you to estimate federal taxes for each quarter and see a paycheck to paycheck amount to save for tax payments in a much more accurate amount than 30%.
It would be a nice feeling to get to the end of the year and realize you didnt overpay a large portion and have to wait for a refund or underpay and owe a penalty.
Some highlights
- Estimates quarterly taxes.
- Works with a combination of wages and business income
- Projects income for the year and makes intelligent guesses at your predicted income and taxes for the year. Helps you plan how much to save to meet those payments.
- Enter and categorize expenses
- Setup your tax profile for more accurate taxes
Includes:
- Obamacare Premium tax credit net or excess usage
- Obamacare Individual Mandate Penalty Calculation
It also includes some adjustments to income:
- Educator Expenses
- Self Employed Health Insurance
- Health Savings Account
- Student Loan Interest
Most popular non-refundable and refundable credits are also included:
- Credit for child and dependent care expenses
- Credit for the elderly or the disabled
- Education credits
- Retirement contributions credit
- Alternative motor vehicle credit
- Plugin electric drive vehicle credit
- Child tax credit
- Mortgage interest credit
- Adoption credit
- District of Columbia first-time homebuyer credit
- Residential energy credit
Privacy: Worried about your financial privacy? No servers are involved in storing data from this app meaning only you have access to your data. All information exists solely on your device.
Disclaimer: Estimates U.S.A federal taxes only. Do not use this app as your only method to determine taxes. It provides no liability or warrantee of any kind. The app gives you a general estimate, exact numbers will depend on your particular situation.
