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Each time you earn income, the IRS will require you to state it as part of your income. At the end of the year, you add to your total income and declare this amount on your tax return the IRS.
Withheld Tax Payments
If you work for an employer, then your employer usually withholds tax from your gross salary before you receive the net figure and then paid to the IRS. You might also find that income tax is also withheld from several other types of income you receive, like pensions or unemployment payments.
When you fill out your IRS tax return, the amount of gross income you receive determines the amount of tax you need to pay. It is possible for some people to actively reduce the amount of gross income that is shown on your IRS tax return by claiming deductions for work-related expenses through each financial year.
Estimated Tax Payments
Self-employed people don’t usually have tax withheld from their income payments. They receive their money directly from clients or customers and then are required to pay estimated tax payments.
This can be a tricky area for many self-employed people as the amount they can earn may vary greatly from month to month, depending on sales or business volume.
The lack of payment of tax withheld
Every time you complete your IRS tax return, you will be asked to add the total amount of the deduction of income tax payments were paid to the IRS on your behalf by an employer, or if you paid by ‘estimated tax payments throughout the year.
If the amount of tax paid is not enough to account for income you have reported, then you will receive a tax bill to offset the shortfall, called a tax penalty.
Avoiding a Tax Penalty
In fact, there are some things you can do throughout the financial year to reduce your chance of receiving a tax penalty. You can ask your employer to take a little extra tax from your salary through the year or you can make voluntary payments to the IRS through the year.
Lodging Your IRS Tax Return
Although it is possible to file your IRS tax return yourself using the secure online system, you may prefer to pay a tax agent to prepare your return for you.
The benefits of paying a professional to help you can mean finding more tax deductions to help reduce your taxable income further than you could on your own.