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Showing posts with the label Estimated tax

Day 13: What to Know About 1099-NEC & Contractors: A Simple Guide for Businesses and Freelancers

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🧾 Day 13: What to Know About 1099-NEC & Contractors: A Simple Guide for Businesses and Freelancers In today’s flexible work landscape, hiring independent contractors can be a smart move—offering agility without the long-term commitments of traditional employment. But with this freedom comes responsibility, especially when it’s time to tackle tax forms like the 1099-NEC . Let’s break down what you need to know about using this form and working with contractors, without the tax jargon overload. πŸ“Œ What Is the 1099-NEC? The 1099-NEC (Nonemployee Compensation) is an IRS form used to report payments made to nonemployees for services. It replaced the old use of Form 1099-MISC for service payments starting in 2020 . You’ll need to issue this form if you paid: $600 or more in the calendar year To an individual or business not classified as an employee For services (not products or rent) Who is not incorporated—i.e., a sole proprietor or LLC taxed as such It goes to both t...
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πŸ“… Day 12: Quarterly Taxes – A Simple Payment Plan Guide

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 πŸ“… Day 12: Quarterly Taxes – A Simple Payment Plan Guide If you're self-employed or running a side business, quarterly taxes can feel like a ticking clock. Unlike traditional employees, you’re expected to pay taxes as you earn , four times a year. But what happens when cash flow is tight, deadlines sneak up, or life just gets in the way? That’s where a simple payment plan strategy can turn stress into structure. 🎯 Who Needs Quarterly Payments? If you expect to owe $1,000 or more in federal income tax (after subtracting withholdings and credits), the IRS wants you to pay quarterly: April 15 June 15 September 15 January 15 of the following year This includes gig workers, freelancers, small business owners, and even side hustlers with no employer withholding. πŸ’‘ Building a Simple Payment Plan (Not the IRS One—Your Own!) Here’s a low-stress method to set aside taxes ahead of each deadline: Step 1: Estimate Your Annual Tax Liability Use last year’s return as a baseline...
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What to Do If You Applied a Corporate Tax Payment to the Wrong Year in EFTPS

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πŸ’Ό What to Do If You Applied a Corporate Tax Payment to the Wrong Year in EFTPS Mistakes happen — even when you’re doing everything right. If your corporation made an estimated tax payment via EFTPS and accidentally applied it to the wrong tax year (say, you meant 2025 but selected 2024), don’t worry — the IRS can correct it. Here’s what happens, how long it takes, and what you can do to stay on top of it πŸ‘‡ 🏒 You Paid for 2025… But Labeled It 2024 When you make an estimated tax payment through EFTPS and choose the wrong tax year — like selecting 2024 instead of 2025 — the payment gets posted to the wrong period . While it may seem like a small clerical error, this misapplied payment can: Affect your Form 1120 filing accuracy Throw off future quarterly estimates Potentially lead to underpayment or overpayment notices But good news: it can be fixed — and here’s how. ✅ What Happens When You Call the IRS If you’ve already called the IRS Business & Specialty ...
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λ―Έκ΅­ 법인세 Estimated Tax λ‚©λΆ€

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  λ―Έκ΅­ 법인세 Estimated Tax λ‚©λΆ€ μ‹œ 귀속 연도 확인 ν•„μš” λ―Έκ΅­ λ²•μΈμ˜ Estimated Tax(μ˜ˆλ‚©μ„Έ) λ‚©λΆ€ μ‹œ, 귀속 연도 섀정에 따라 λΆˆν•„μš”ν•œ Penalty 및 Interestκ°€ λ°œμƒν•  수 μžˆμ–΄ μ£Όμ˜κ°€ ν•„μš”ν•©λ‹ˆλ‹€. 1. μ˜ˆλ‚©μ„Έ 납뢀와 귀속 μ—°λ„μ˜ 뢈일치 κ°€λŠ₯μ„± μ˜ˆλ‚©μ„Έλ₯Ό λ‚©λΆ€ν•  λ•Œ μ‹€μ œ λ‚©λΆ€ μ—°λ„μ™€λŠ” λ‹€λ₯΄κ²Œ, 이전 연도 κ·€μ†μœΌλ‘œ μ²˜λ¦¬ν•˜λŠ” κ²½μš°κ°€ μžˆμŠ΅λ‹ˆλ‹€. 예λ₯Ό λ“€μ–΄, 2025λ…„λ„μ˜ Estimated Taxλ₯Ό 2024λ…„ κ·€μ†μœΌλ‘œ λ‚©λΆ€ν•œ 경우, ν•΄λ‹Ή κΈˆμ•‘μ΄ IRS μ‹œμŠ€ν…œμ— 2024λ…„ μ„ΈκΈˆμœΌλ‘œ μΈμ‹λ˜μ§€ μ•Šμ„ 수 μžˆμŠ΅λ‹ˆλ‹€. 이 경우, IRSμ—μ„œ λ°œμ†‘ν•œ λ ˆν„°μ— Penalty 및 Interestκ°€ ν¬ν•¨λ˜μ–΄ μ•ˆλ‚΄λ˜λŠ” 사둀가 λ°œμƒν•  수 μžˆμŠ΅λ‹ˆλ‹€. 2. IRS μ‹œμŠ€ν…œ 상 처리 방식 IRSλŠ” μ„ΈκΈˆ λ‚©λΆ€ μ‹œ λͺ…ν™•ν•œ 귀속 연도 정보가 μ—†κ±°λ‚˜ μ°©μ˜€κ°€ μžˆλŠ” 경우, ν•΄λ‹Ή κΈˆμ•‘μ„ μžλ™μœΌλ‘œ λ‹€μŒ 연도 μ˜ˆλ‚©μœΌλ‘œ 이월 μ²˜λ¦¬ν•˜μ§€ μ•ŠμŠ΅λ‹ˆλ‹€. λ”°λΌμ„œ, μ˜ˆλ‚© μ‹œ 귀속 연도가 μ •ν™•νžˆ λ°˜μ˜λ˜μ§€ μ•ŠμœΌλ©΄ IRSλŠ” ν•΄λ‹Ή κΈˆμ•‘μ„ ν•΄λ‹Ή μ—°λ„μ˜ μ˜ˆλ‚©μœΌλ‘œ μΈμ •ν•˜μ§€ μ•ŠμœΌλ©°, 결과적으둜 λ‚©λΆ€ μ§€μ—°μœΌλ‘œ κ°„μ£Όν•˜μ—¬ Penalty 및 Interestλ₯Ό λΆ€κ³Όν•  수 μžˆμŠ΅λ‹ˆλ‹€. 3. λŒ€μ‘ λ°©μ•ˆ 귀속 연도가 잘λͺ» 반영된 것이 확인될 경우, λ‹€μŒκ³Ό 같은 쑰치λ₯Ό μ·¨ν•  수 μžˆμŠ΅λ‹ˆλ‹€: IRS에 μ—°λ½ν•˜μ—¬ 귀속 연도 λ³€κ²½ μš”μ²­ μ „ν™” (1-800-829-4933) λ˜λŠ” μ„œλ©΄μ„ 톡해 ν•΄λ‹Ή λ‚©λΆ€ κΈˆμ•‘μ˜ 귀속 연도 μˆ˜μ •μ„ μš”μ²­ν•΄μ•Ό ν•©λ‹ˆλ‹€. Form 843 제좜 Penalty 및 Interest에 λŒ€ν•΄ 감면(Abatement)을 μš”μ²­ν•˜κΈ° μœ„ν•΄ IRS Form 843을 μž‘μ„±ν•΄ μ œμΆœν•  수 μžˆμŠ΅λ‹ˆλ‹€. μ•„λž˜λŠ” Penalty 및 Interest 감면(Abatement)을 μ‹ μ²­ν•  λ•Œ μ‚¬μš©ν•˜λŠ” IRS Form 843 λ§ν¬μž…λ‹ˆλ‹€: πŸ”— IRS Form 843 – Claim for Refund and Request for Abatement (PDF) πŸ”— Form 843 Instructions (IRS.gov) ...
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