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This is your total income for the year minus certain adjustments, such as contributions to retirement accounts, student loan interest, and self-employment taxes.
The standard deduction is a fixed dollar amount that reduces the income you're taxed on, simplifying the tax filing process. It varies based on your filing status (e.g., single, married filing jointly) and is adjusted annually for inflation.
Itemized business deductions are specific expenses that you can deduct from your 1099 / business income to reduce your taxable income. These can include costs like office supplies, travel expenses, advertising, and professional services, as long as they are ordinary and necessary for your business.
Common deductions include state and local taxes, mortgage interest, charitable contributions, student loan interest, retirement contributions, and educational expenses. This line also includes the Qualified Business Income (QBI) deduction, which allows a 20% deduction on qualified 1099 / business income.
Taxable income is the portion of your income that is subject to federal income tax after accounting for deductions and exemptions. It includes wages, salaries, bonuses, and other forms of income, minus any allowable deductions like the standard deduction or itemized deductions.
The most common tax credits people can claim include the Earned Income Tax Credit (EITC), Child Tax Credit, American Opportunity Credit, Lifetime Learning Credit, and the Premium Tax Credit. These credits can reduce the amount of tax you owe or increase your refund.
Gross taxes refer to the total amount of tax liability before accounting for any tax credits or payments made throughout the year. It represents the initial calculation of taxes owed based on your taxable income and applicable tax rates.
This refers to the amount of federal and state taxes that are taken out of your paycheck by your employer throughout the year. Keeper assumes a standard withholding by default. If you know your employer's exact withholding, you can input it under "Add advanced info".
Estimated quarterly taxes are due 4 times per year. For the tax year 2025, estimated payments are due April 15th, June 16th, September 15th, and January 15th. The January payment will occur in 2026.
Self-employed individuals will need to make quarterly estimated tax payments if they expect to owe at least $1,000 in taxes.
Not all freelancers and independent contractors actually have to pay quarterly. If you freelance part-time or as a side hustle, you could be in the clear.
Not sure if that applies to you? Find out if you should even be worrying about estimated payments using our free estimated tax calculator.
The IRS expects you to pay by the deadline. If you miss one, make the quarterly tax payment as soon as you can.
Once a due date has passed, the IRS will typically dock 0.5% of the entire amount you owe. For each partial or full month you don’t pay the tax in full, the penalty increases. It's capped at 25%.
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