Taxes can be very confusing and if you’re looking to figure out how much you’re going to save in taxes, or what you should save, there are some calculators online that can help you out.
If you don’t already have a tax professional to help you out, I would recommend that you get one. They are worth their weight in gold, trust me! They can save you a ton of money, you won’t even realize it.
Being new to the self employment tax area can be tricky. This is why I wanted to recommend that you check out a few calculators online. These calculators should help you figure out how much you should save. Each one works in their own way and should give you a fairly good idea on what you should save, etc.
- #1 Bankrate.com: You can use this calculator to estimate your self employment taxes. Enter your income, or loss to get some fairly accurate results.
- #2 CalcXML: This is probably the simplest one out there. You will input your income, as well as income that has already been taxed. Simple, yet effective.
- #3 IRS: The official IRS site also allows you to use a withholding calculator. While it can be fairly confusing, you’re going to find that if you input the right information, you can get a nice estimate.
- #4 TurboTax: Whether you need a self employment tax estimate calculator, or you need something else such as credit ideas, TurboTax has a ton of calculators that you can use.
- #5 Truckers Helper: You don’t have to be a trucker to use this one. What I like is that you’re able to input dependents, if you’re married, and more. It’s another simple, yet accurate calculator.
Now you have to remember that these are intended for those that are looking to get ball park figures. Again, if you’re running a business, grab yourself a good accountant spend the $400 or whatever it may cost. Remember that you can write this off as a deduction!