Tax day this year (for your 2017 taxes) is Tuesday April 17, 2018.
If you've been using Track to withhold enough for self-employment taxes every time you got paid, you're probably already in good shape, since you’ll actually have enough money set aside to pay what you owe in state and Federal taxes. 😎
(If not, consider using Track to withhold into your Tax Savings Account in 2018 so you can avoid the headache next time around.) 🤔
Hey, I’ve already paid the IRS with at least one quarterly estimate payment in 2017. What happens now?
Nice job for being ahead of the curve! You’ll find out if you underpaid the IRS (and end up still owing a bit more) or overpaid the IRS (and end up getting a refund) -- when you file your personal income taxes.
What about the taxes I owe my state (and not the Federal Government/IRS)?
Since in almost all states, you aren’t required to make quarterly estimated payments, we did NOT transfer any of your money to your state. You should plan on paying your state personal income taxes to them directly -- as you would normally, when you complete your annual filing.
Ok, so what do I do now? ...How do I file my 2017 taxes before the April 17 deadline?
Track offers you three ways to file your 2017 taxes this year:
1. DIY (free):
Do the paperwork on your own, use another app, or get help from a family member, friend or expert you know and trust to file on your own. (ie: whatever you did last year).
Action: Fill out your own Schedule C-EZ (link to IRS form) that includes the 1099 income you’ve let Track know about throughout the year. Your 2017 earnings information (the information you need for Part II on Schedule C-EZ) is visible on your Track dashboard.
(Note: Although it wasn’t ready in time for the 2016 tax year, we’re working on a new business expense deduction feature. This means, when filing for the 2018 tax year, you’ll have the option to pay less in taxes for the allowable business expenses you’ve already made!)
2. File Online (free):
We've partnered with Credit Karma to let you complete your 2017 annual state and Federal tax return filing for absolutely no cost. They’re an awesome company we really respect and think you will, too. This option is a full featured (but free) alternative to filing via the H&R Block or Intuit TurboTax apps.
Action: You can file your taxes for free via this access link to Credit Karma. Remember to enter your 2017 1099 Income (viewable on your Track Dashboard) when prompted.
(Note: We’re working with Credit Karma so that next April, we will automatically input any information you want us to share with them, so we can help you skip a few steps when filing for the 2018 tax year!)
3. Need extra help? Get a human expert (paid):
Sometimes your tax situation requires expert advice and the assistance of a human. When Track has a tax question, we call on small business tax guru and and top-notch Registered Tax Return Preparer and Public Accountant, Sally Anderson. Sally prides herself on maximizing deductions and credits and saving taxpayers dollars in legal ways that others tend to not utilize. She’s agreed to offer Track members a discount in case you need the expert help (%10 off her standard rates).
Action: You can request an email intro to Sally. We can even share the tax and earnings information you can see on your Track dashboard with Sally, if you ask us to.
If you have any questions, as always, email me directly (email@example.com).
Stay awesome, smart, and always on Track!
Cofounder at Track