The Best Free Income Tax Estimators For The Self-Employed
We all know that paying taxes is part of being a functional member of society, but let’s be honest: taxes can be incredibly complicated. Tax laws also consistently change, and many organizations in various industries and sectors are always figuring out how to take advantage of new credits, deductions, and loopholes. How about self-employed individuals who might not be used to understanding exactly how much that they owe in taxes?
That’s one of the reasons why the best free income tax estimator for self employed can come in handy. Some calculators are better than others, but it can be difficult to figure out what is the best free income tax estimator for self employed. Here are some of the best options in terms of finding a free 1099 tax calculator. There are plenty of freelancers and independent contractors that can benefit from having a handy tax calculator that can help them get a grasp on the taxes that they will owe.
One of the best free income tax estimator for self employed is easily TaxAct. TaxAct might not have a sleek or polished look, but it’s extremely simple and straightforward. As soon as you offer information about self-employment income, you will get a numeric result regarding how much you can expect to pay in taxes.
You can find the TaxAct free 1099 tax calculator here: https://www.taxact.com/tools/self-employed-calculator
2. Keeper Tax
KeeperTax is a great free income tax estimator for self employed, and it understands the importance of keeping it simple. However, one advantage of KeeperTax is that it actually takes state law and regulation into consideration. It also asks for your tax filing status, as well.
This is a polished and simple free 1099 tax calculator and is definitely one of the best free income tax estimator for self employed tools on the Internet. You can use it here:https://www.keepertax.com/1099-tax-calculator
There are different reasons to consider a free income tax estimator for self employed. Some are self-employed because they work consistently as a freelancer or a contractor. Other individuals might make a living based on trading. In this situation, they will probably be paying capital gains tax.
SmartAssets has a great tax calculator for those who are self-employed but will be paying capital gains taxes. The tool is well-designed, and the number even adjusts based on the location that you type in. You can find the free income tax estimator for self employed here: https://smartasset.com/investing/capital-gains-tax-calculator
For a more detailed explanation on how capital gains taxes work visit this blog post
4. H&R Block
The H&R tax estimator is acceptable, but there are some drawbacks when it comes to using this particular free 1099 tax calculator. First and foremost, H&R’s tax calculator is focused on coming up with a refund amount rather than speaking about the taxes of those who are self-employed.
It also requires a decent amount of input information and moves through several screens. This particular tool is not ideal for those who are self-employed and trying to calculate their taxes. Regardless, you can find H&R Block’s tax calculator here: https://www.hrblock.com/tax-calculator/
One of the great things about Quickbooks and its free 1099 tax calculator is that it is very simple and it doesn’t require multiple screens or much time. All you have to do is type in the amount of money that you made that year, and the free tax estimator for self employed will do the rest!
However, it should be noted that the free 1099 tax calculator is based on 2019 calculation. Regardless, this is an important tool for those who are self-employed and need an estimate regarding how much they can expect to pay in taxes. You can find their tax calculator here: https://quickbooks.intuit.com/self-employed/tax/
Freelancers are contributing more money to the economy than ever, but many individuals are confused about how much money in taxes they are going to pay. Some free 1099 tax calculators are very easy to use compared to others, while other free tax estimator for self employed require more time and effort to calculate taxes.
Regardless, we hope that this list helped freelancers and contractors have more of an idea regarding 1099 taxes. Taxes can be incredibly difficult, but it’s nice to have a set of expectations so that you can better plan your financial future. Some of the 1099 contractor calculator are more detailed than others, and you should find one that suits your needs. The best part about it is that the Internet has many options in terms of a free 1099 tax calculator.