Tag: Form 1040

Freelance Taxes: A Simple Guide for Independent Contractors
February 6, 2025 Off

Freelance Taxes: A Simple Guide for Independent Contractors

By The Admiral Staff

Freelancing offers perks, but taxes can be complicated. As an independent contractor, you’re responsible for paying estimated quarterly taxes (due January 15, April 15, June 15, and September 15) – typically setting aside 30-35% of each paycheck to cover both federal income tax and a 15.3% self-employment tax. This tax covers Social Security and Medicare contributions. You’ll file Form 1040

January 12, 2025 Off

Tax Day 2025: Key Dates & What You Need to Know

By The Admiral Staff

The 2025 tax season officially begins January 27th, with employers needing to send W-2 forms by January 31st. Most taxpayers have until April 15, 2025, to file their 2024 tax returns, or request an extension. The standard Form 1040 is now the only individual tax form required. The IRS is offering expanded tools and assistance, including extended hours at Taxpayer Assistance Centers, to simplify