San Jose, CA, United States, 29th Dec 2022, King NewsWire — FlyFin, the world’s leading AI tax preparation and filing service, announced a new and improved Self-Employment Tax Calculator. The new Self-Employment Tax Calculator takes into account comprehensive information about a tax filer’s self-employment income, deductions and credits to provide an accurate estimate of their tax liability. Self-employed individuals can often have a more complex tax situation due to the nature of their work. Yet, they may not have, or be able to afford, access to the same resources and support as employees who have taxes withheld from their pay by an employer.
Using FlyFin’s updated tax calculator, self-employed individuals will receive deeper insights into their tax situation, so they can make more informed decisions about how to save on their taxes.
For example, the new Self-Employment Tax Calculator may identify tax deductions or credits for which the tax filer may be eligible, such as the self-employed health insurance deduction or the home office deduction. By claiming these deductions and credits, the tax filer may be able to reduce their tax liability and save more money on their taxes.
In addition to providing information about tax deductions and credits, FlyFin’s new tool may also provide other valuable information to self-employed taxpayers. Based on their specific profile, the tool helps them understand what self-employment tax (SE tax) is made up of and how to calculate the amount of self-employment tax they will owe. This invaluable insight can significantly benefit self-employed individuals who are responsible for making their own tax payments and may need to budget accordingly.
Using FlyFin’s new Self-Employment Tax Calculator, self-employed individuals can better understand their tax situation and make informed decisions about how to save on their taxes. It can also provide valuable information that can help taxpayers plan for their tax payments and ensure that they are in compliance with tax laws.
According to the Internal Revenue Service (IRS), self-employed individuals are responsible for paying SE taxes that include Social Security and Medicare taxes. Self-employed individuals may also be required to pay federal income tax on their self-employment income. The federal income tax that self-employed individuals must pay will depend on their taxable income, tax filing status and the tax rate that applies to their income. Self-employed individuals may also be required to pay state and local taxes, depending on where they live and work. These taxes are typically paid through quarterly estimated tax payments.
Building upon the company’s award-winning AI platform, FlyFin has assembled a comprehensive Tax Resource Center that helps small business owners, self-employed individuals, freelancers, and creators prepare and file taxes. Taxpayers can quickly find topics around self-employment, tax deductions, self-employed retirement plans and practical how-to guidance. To demystify tax preparation, FlyFin’s growing Tax Resource Center offers free tools, calculators, guides, tax forms and more.
FlyFin is an award-winning, AI-powered platform that provides self-employed, sub-contractors, independent contractors, gig workers, freelancers and creator economy workers with a convenient, easy-to-use and affordable tax filing solution. FlyFin helps individuals maximize self-employment tax deductions and income tax refunds. With a “Man + Machine” approach, FlyFin leverages AI paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work required for 1099 self-employed individuals to prepare their taxes. FlyFin is a privately-held, venture-backed company based in San Jose, California.
Contact Person: Carmen Hughes
City: San Jose
Country: United States
The post FlyFin Announces New Self-Employment Tax Calculator to Help Self-Employed Individuals Maximize Tax Savings and Refunds appeared first on King Newswire.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Financial Reporting 24 journalist was involved in the writing and production of this article.