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Three Income Tax Tips - Avoid Freelancer Tax Pitfalls

by AgbenewlyCorohtney@hotmail.com on Dec 27, 2011

Tip #two: Remit Estimated Tax Payments Income tax withholdings are not taken out of payments that you receive as a freelancer. But just simply because no tax is withheld does not imply that the government is not looking for you to send them in. The leading concern for most freelancers are how considerably to pay out in estimated taxes and when to send them in. To figure out the quantity of taxes due you will want to compute your gross income. An earnings tax calculator and tax calendar are resources that aid you estimate amounts and make timely payments. Furthermore, if state and local taxes apply, you will require to remit payments to them as well.Tip #three File the Right Tax TypesFreelancers can select to operate as one particular of numerous enterprise entities like Sole Proprietor, Partnership, Limited Liability Business, "S" Corporation, or "C" Corporation. Each and every of these alternatives employs a different tax form for reporting purposes so make positive that you know...Read More >>



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Ten Great Tax Tips - can help to save more money

by shailendra

1. You can claim a non-refundable tax credit for public transit passes of at least monthly duration purchased for you. Eligible transit includes local and commuter buses, streetcars, subways, commuter trains and local buses. If you are entitled to claim the credit, be sure to keep your receipts or transit passes themselves on file.

2. Tuition Fees qualify for a non-refundable 15% Federal Credit for 2010 if you pay them for yourself. You may be able to claim certain tuition fees paid for your child or another person based on predefined transfer rules.

3. Moving...

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