What is included in the estimated tax on the report screen?

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:

Emmerman, Boyle & Associates

ATAX

Taxanista

For more information see the IRS web site for Self-Employed individuals.

 

 

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