This is an estimate of your self-employment tax and income tax on your self-employment income.
We don’t calculate other types of tax or more complicated tax scenarios. These include:
- Itemized deductions
- State income taxes
- Sales tax
- AGI phase outs and alternative minimum tax (AMT)
- Children's interest
- Medical expenses, stock payouts and 401(k) draws
- One-time lump sum distributions
- Special cases standard deductions (e.g., if you're blind, over 65, etc.)
- Tax credits
If you need to calculate these types of taxes, it's best to consult with an accountant. Below are Xero accountants that are using TaxTouch:
For more information see the IRS web site for Self-Employed individuals.