Should I Estimate My Income if I Haven't Filed Taxes Yet?
If you haven't filed your taxes yet, you may be wondering if you should estimate your income. Here's what you need to know.
If you're self-employed or have income from sources other than a regular paycheck, estimating your income for tax purposes can be tricky. However, it's important to get as close to an accurate estimate as possible to avoid underpaying or owing money come tax time.
Here are a few things to keep in mind when estimating your income:
- Gather all relevant documents, such as 1099 forms and bank statements. This will help you get a clear picture of your income.
- Use last year's return as a starting point. If your income has changed significantly since then, adjust your estimate accordingly.
- Keep in mind that deductions can lower your taxable income, so don't forget to factor them in.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is it to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706