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.
IRS direct deposit is a convenient way to receive your tax refund. Find out the benefits of using direct deposit and how you can set it up for your tax return.
Learn more about form CP92, why you received it, and how to handle an IRS levy with help from the tax experts at H&R Block.
Can you file your taxes if your Form 1099-INT is missing? Learn more from the tax experts at H&R Block.
Gig workers are also small business owners – which means extra tax rules and potentially IRS scrutiny. Get tax facts about gig economy jobs from H&R Block’s experts.