When is the tax filing deadline?

The federal tax filing deadline is April 15. If it falls on a weekend or holiday, it is moved to the next business day. You can file for a 6-month extension using Form 4868, but any taxes owed are still due by April 15.

What is the difference between W-2 and 1099 income?

W-2 income is earned as an employee. Your employer withholds taxes and pays half of your FICA taxes. 1099 income is earned as an independent contractor. You are responsible for the full 15.3% self-employment tax and must make quarterly estimated payments.

How do I calculate quarterly estimated tax payments?

Estimate your total annual income, subtract deductions, calculate the tax owed, and divide by four. Payments are due April 15, June 15, September 15, and January 15 of the following year. Use our Freelance Tax Calculator for exact numbers.

What is self-employment tax?

Self-employment tax covers Social Security (12.4%) and Medicare (2.9%) for a total of 15.3% on net self-employment income. As a W-2 employee, your employer pays half; as a freelancer, you pay the full amount but can deduct the employer-equivalent portion.

Should I take the standard deduction or itemize?

For 2025 tax year, the standard deduction is $15,000 for single filers and $30,000 for married filing jointly. Itemize only if your deductions (mortgage interest, state and local taxes, charitable contributions, etc.) exceed the standard deduction amount.

How can I reduce my taxable income?

Common strategies include contributing to a traditional IRA or 401(k), maximizing HSA contributions, claiming business deductions for self-employed individuals, deducting student loan interest, and taking advantage of education credits.

For informational purposes only. This tool provides estimates based on your inputs and may differ from actual outcomes. It does not constitute financial advice. Please consult a qualified professional before making financial decisions. Terms

Tax Season Hub

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Tax Season Checklist

Stay organized and make sure you do not miss anything this tax season.

Gather W-2s and 1099s
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W-2 vs 1099: Quick Comparison

Understanding the tax implications of how you earn income.

W-2 Employee

Employer pays half of FICA (7.65%)
Taxes withheld from each paycheck
Limited deductions available
Employer provides benefits
Simpler tax filing process

1099 Contractor

Full SE tax responsibility (15.3%)
Quarterly estimated payments required
Business deductions available
Must arrange own benefits
More complex filing (Schedule C/SE)

Try our Freelance Tax Calculator for exact numbers

Key Tax Deadlines

Mark these dates on your calendar to avoid penalties.

Jan 31

W-2 / 1099 deadline from employers

Apr 15

Tax filing deadline / Q1 estimated payment

Important

Jun 15

Q2 estimated payment

Sep 15

Q3 estimated payment

Jan 15

Q4 estimated payment (following year)

Tax Planning Essentials

Essential knowledge for tax season.

Self-Employment Tax Basics

If you earn income as a freelancer, independent contractor, or gig worker, you owe self-employment (SE) tax on net earnings above $400. The SE tax rate is 15.3%, covering Social Security (12.4%) and Medicare (2.9%). Unlike W-2 employees whose employers pay half, self-employed individuals pay the full amount. However, you can deduct the employer-equivalent portion (7.65%) from your adjusted gross income, reducing your overall tax bill.

Standard vs Itemized Deductions

Every taxpayer chooses between the standard deduction and itemizing. For 2025, the standard deduction is $15,000 (single) or $30,000 (married filing jointly). Itemizing makes sense only if your eligible deductions (mortgage interest, state/local taxes capped at $10,000, charitable contributions, and medical expenses exceeding 7.5% of AGI) total more than the standard amount. Most filers benefit from the standard deduction.

State Income Tax Overview

State income tax rates vary widely. Nine states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) impose no state income tax on wages. Others range from flat rates under 5% to progressive brackets exceeding 13% in California. Your total tax burden depends on where you live and work, making state tax comparison a critical part of financial planning.

Retirement Contributions & Tax Benefits

Contributing to tax-advantaged retirement accounts is one of the most effective ways to lower your current tax bill. Traditional 401(k) contributions (up to $24,500 in 2026) reduce taxable income dollar-for-dollar. Traditional IRA contributions (up to $7,000, or $8,000 if 50+) may also be deductible. Self-employed individuals can contribute to a SEP-IRA (up to 25% of net earnings) or Solo 401(k) for even larger deductions.