If I'm self-employed and didn't pay estimated taxes, can I possibly get a refund?
It’s possible to have a refund if you didn’t pay estimated taxes. To have a refund, your deductions and credits must total more than your income tax liability.
You’d need to have both of these:
- A combination of deductions and credits that reduce your tax liability to 0
- One or more refundable credits to produce a refund
Refundable credits include:
- Earned Income Credit (EIC)
- Additional child tax credit
- American Opportunity Credit
- Lifetime Learning Credit
- Alternative Minimum Tax (AMT) credit
However, if you’re self-employed, you’re still subject to self-employment tax. This goes toward Social Security and Medicare taxes.
Issues with your bank account could cause tax refund delays. Learn more about direct deposit tax refunds from the tax experts at H&R Block.
Learn how filing an amended tax return can impact your refund with help from the tax experts at H&R Block.
Need to know how to pay your taxes if you are paying in cash? Learn more from the tax experts at H&R Block.
How do you report day workers if you pay them in cash? Learn how to determine the right relationship for tax purposes. Get tax answers at H&R Block.