All articles tagged with #self employed
A homeschooled Gen Xer, Sarah Nagle, who was educated at home from age 10 until college, credits her personalized homeschooling experience for her academic success and for avoiding student debt, highlighting the growing acceptance of homeschooling in the US and its potential benefits.
The IRS penalty for underpayment of estimated taxes has increased from 3% to 8% of the shortfall, with self-employed and freelance workers being the most affected. The penalty is calculated quarterly based on the Federal Reserve's benchmark rate and applies to shortfalls in estimated taxes paid by self-employed individuals. The increase in the penalty is a result of the Fed's rate hikes to combat inflation. To avoid the penalty, taxpayers can ensure their filed tax return shows they owe less than $1,000 or pay at least 90% of what they owe for the tax year or 100% of what they owed the prior year. The deadline to pay estimated taxes for the final quarter of 2023 is January 15.