#Estimate 2017 taxes turbotax software#

Turbo-Tax self-employed includes the tool ExpenseFinder, which can help self-employed users uncover tax-deductible business expenses,В according to Greene-Lewis. If you are working as a full-time freelancer or work in the on-demand economy like anВ Uber driver, TurboTax Self-Employed may be a good option for organizing and filing your taxes. If you work full-time and have a side gig, youвЂ™ll likely select the W-2 from your full-time job and the self-employed (1099-MISC). The options range from college expenses or tuition 1098-T, to charitable donationsВ and theВ self-employed form (1099-MISC). InВ TurboTax Deluxe, the user is prompted to choose the financial options that apply to them. TurboTax Deluxe works for people who have a full-time job with a (W-2) and a side-gig. HereвЂ™s a quick primer on which TurboTax product is best for full-time freelancers or those with side gigs: TurboTax Deluxe: 'TurboTax, as well as QuickBooks Self-Employed,В allows you to estimate your quarterly tax payments year-round,' Greene-Lewis said.В 'В (Be aware), your business deductions along with the other deductions and credits youвЂ™re eligible for may substantially reduce your tax liability and save you money for your business.' She notes that it's important to account for increase or decreases in income and any expenses that may figure into the estimates. TurboTax will walk through questions about the user's freelance or side-gig workВ and figure out taxВ liability, and the estimated payments moving forward, according to Greene-Lewis. What if I haven't made quarterly payments on freelance work? 3rd Quarter (June 1- Aug.В 31):В Payment due Sept.2nd Quarter (April 1 вЂ“ May 31): Payment dueВ June 15.If you arenвЂ™t sure what your estimated payments are, TurboTax will calculate the estimated payments and print out payments vouchers you can send to the IRS at each deadline.ДЇor 2017 taxes the schedule is as follows, according to TurboTax: That means you need to pay an estimated tax each quarter, or face a whopper of a tax bill in the spring.

If you recently joined the freelance world, youвЂ™ll need a quick primer on the concept of вЂњpay as you go.вЂќ The government collects taxes that are automatically held from your paycheck throughout the year, but if you are a freelancer, you most likely donвЂ™t have taxes withheld from your paycheck. Work from home? This tax deduction may be for you TurboTax has also seen an increase in the number of people who are self-employed or work two jobs, with 80%В of those filing their taxes onВ TurboTaxВ uploading aВ W- form, according to Lisa Greene-Lewis, CPA with TurboTax.ДҐ biggest tax breaks for the self-employed

#Estimate 2017 taxes turbotax software#

Millions of people are using tax preparation software to prepare their taxes each year.