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FAQ

How do I fill taxes online?
you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
How do I fill out the income tax for online job payment? Are there any special forms to fill it?
I am answering to your question with the UNDERSTANDING that you are liableas per Income Tax Act 1961 of Republic of IndiaIf you have online source of Income as per agreement as an employer -employee, It will be treated SALARY income and you will file ITR 1 for FY 2017–18If you are rendering professional services outside India with an agreement as professional, in that case you need to prepare Financial Statements ie. Profit and loss Account and Balance sheet for FY 2017–18 , finalize your income and pay taxes accordingly, You will file ITR -3 for FY 2017–1831st Dec.2018 is last due date with minimum penalty, grab that opportunity and file income tax return as earliest
How can I fill out the income tax return of the year 2016-17 in 2018?
There is no option to file online return but you can prepare an offline return and went to the officer of your jurisdiction income tax commissioner and after his permission you can file the return with his office.
I'm 22 years old and I want to become a millionaire by 35. How do I do this?
I became a millionaire when I was 40, but it’s not so difficult to get there by 35.Leverage is key. Leverage is basically the difference between values of the same thing, in two different positions. (Location, time, etc.)Think about a waterfall where there is a height difference. So, water naturally flows from one level to another:Same applies to business. Money flows naturally to where it has more leverage.As a 22 year old, you have all the time in the world. But you can’t simply exchange your time, your biggest asset at a low price point. That’s a poor person’s mindset. You can leverage the difference between value of time in a western country and a developing one. There are millions of people who are ready to happily work on a project in Phillipines, India or Morocco for a fraction of what it would cost in US.Go to Upwork | Hire Freelancers. Make things happen.Go to Find work/ U.S. OnlyFind job posts about a topic that you have an idea about. Social Media Marketing has lots of tasks that a 22 year old can easily manage. Things like editing images, posting them on Instagram or Facebook, etc. But you won’t be doing them by yourself. Merge multiple tasks from different businesses and post another job to have them done by an agency (or an individual) from a developing country. By bundling them as one project, you will have more power in negotiating a better deal. Then all you need to do is make sure they deliver, and communicate with your US based customers.I was able to make between $300-$500 with this method when I first discovered Upwork.This is just one idea out of thousands you can find, utilizing the differences between different parts of the world. Be resourceful and create your own resources, to use them to get to the next level.Make sure to read the story of the guy who made his way to get a house, trading things with more valuable stuff, starting with a paperclip:One red paperclip - Wikipedia
How do I make estimated federal and state tax payments in order to avoid tax penalty?
Estimated tax payment can be made with your tax filings, if done by a professional or you can go to An official website of the United States government and pay Federal Taxes or Set up an accoung with the Electronic Fedetal Payment System web site.Most states Department of Revenue or Taxation make to simple for you to set up an account.You should pay in as much taxes you paid in the previous year for the fail safe exemption other wise you need to pay in at least 90% of the current year’s tax liability to avoid an estimated tax payment penalty, which is only 4% per year.
For New York state, are state quarterly estimated tax payments required in addition to federal quarterly estimated tax payments?
You have good answers.  The reason that quarterly estimated tax payments are required is taxes are based on the cash basis.  Taxes occur at the time of revenue/income.  Quarterly payments allow one to withhold more conveniently than with each transaction.  Most companies do withholding with each pay check which puts the tax closest to income event.  The Feds and NYS have penalties for underwithholding and a formula to calculate if you underwithheld on quarterly estimated payments.  Estimated taxes
Do I need to make quarterly estimated tax payments?
You personally, probably do not need to make estimated tax deposits. However, your partnership probably does need to be withholding tax and paying that in on your behalf. Obviously I don’t have all of your information, but I am assuming you are a non-US individual and have income “effectively connected to a US trade or business” via the partnership and thus need to file a US non-resident tax return to report that income. Note your income would include your share of profits from the partnership and is not just dependent on what you pay yourself as guaranteed payments.If you are instead a US citizen or resident alien, then yes you do need to make estimated tax deposits, but are probably ok for this year as long as you file and pay what you owe in US tax before April 15.
How do independent contractors etheir quarterly taxes?
There are some quick ways to do this. Some of the other answers lead you in that direction. Here’s my take on this:If you pay in an amount at least equal to what you paid in last year’s taxes ( the total tax bill), you won’t have a penalty. Yea, you might owe, but no penalty.If you don’t pay in, you’ll pay what is in essence interest, in the form of a non-deductible penalty. The interest rate is under 5% annualized. But, you will have a humongous tax bill.Maybe you can adjust your W-4, and have large withholding from your salary now, which takes care of most of the estimate. So, if you are married, claim single 0. It will hurt a bit on each paycheck, but you’ll pay in a lot more, maybe covering what you owe.To get an idea of what you owe on the independent contractor earnings, first you have to know what they are! Take what you received, and deduct your expenses. Remember, you may be entitled to an office in home, your mileage, and other easily missed deductions. (A CPA or EA would be a good person to help you this year… they’ll know how to calculate everything, and it’s a lot better than you struggling or guessing). With your net income calculated, you must figure your self employment tax ( at about 15%, and your income tax ( use 12% for fed, 3 - 5 % for most states). You’ll have a ballpark amount. ( I know, the rates are all over the place, I am just throwing you what I think most people end up at. Again, great reason to consult with a CPA or EA.)Kudo’s to you for being on top of this and not doing what some of my clients do, which is wait until next April and then have a heart attack, despite my pleading!