Gross income for a business is its total revenues minus the cost of goods sold. An individual's gross income is entered on their income tax return and it becomes adjusted gross income then taxable ...

To calculate your effective tax rate, you need two numbers: the total amount you paid in taxes and your taxable income for ...

Some types of royalties, such as those gained from investments or business income, are also taxable income. The same goes for gambling winnings, including earnings from lotteries or raffles.

Business owners make estimated tax payments each quarter ... quarter income separately from the $50,000 second-quarter income. The formula is simple if you have 12 months of data: Add up the ...

Self-employed taxpayers are responsible for paying both income and payroll taxes quarterly rather than through withholdings. Even if you don't consider yourself a business owner, keep in mind that ...

Small business owners can reduce taxable income by deducting various business expenses, including vehicle costs, travel, home office use and advertising. Choosing the right deduction method ...

Disclosures: TurboTax Free Edition is for simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest). Roughly 37% of filers qualify.