Top 7 Independent Contractor Taxes Calculators

Daniel A., May 6, 2022

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It’s not always easy to figure out how much you owe in taxes as an independent contractor, freelancer, or self-employed. As an independent contractor, it’s essential to stay on top of your taxes. But doing so can be tricky- especially if you’re not familiar with the tax code. That’s where calculators come in handy.

The IRS offers a variety of calculators that can help you get your tax bill right, but many people don’t know where to find them or which one is best for their situation. In this article, we’ll go over the top 7 independent contractor taxes calculators so you can make sure you’re not overpaying or underpaying your taxes.

Top 7 Independent Contractor Taxes Calculators

1. Persona

Persona is a specifically designed self-employment tax calculator for small business owners, entrepreneurs, and gig-workers looking for the most accurate way to calculate their taxes.

If you want to keep track of your expenses throughout the year, you can use Persona to estimate how much you’ll owe in taxes. You can also compare different tax scenarios and see how they would affect your tax bill.

Independent contractor taxes are just one part of the puzzle regarding taxes. If you’re looking for a comprehensive tax solution, Persona is a great option.

Key Features

  • Keep track of your taxes, expenses, transactions, and the day-to-day running of your business.
  • You may even choose to have your income tax amount immediately transferred from your company account to the IRS.
  • Organize your tax deductibles by client, project, or category.
  • A robust AI system can automatically produce a Schedule C for you.
  • Easily generate invoices and track payments.
  • Calculate your quarterly estimated taxes in seconds.
  • See how your taxes will change if you make more or less money.
  • There are no more old, bewildering spreadsheets to decipher- everything is streamlined and designed to be as user-friendly as possible.

Pricing

It’s a FREE tool with no catches. Just enter your information and get an estimate of what you’ll owe in taxes.

2. Quickbooks

In any accounting software, it is assumed that the users have some level of accounting knowledge. QuickBooks is not an exception to this rule. If you don’t feel confident in your accounting abilities, you may want to consider using different software or hiring an accountant.

While QuickBooks may not be the best option for those unfamiliar with accounting, it is an excellent tool for those looking for a comprehensive solution. QuickBooks can help you track your income and expenses, create invoices, and even calculate your taxes.

QuickBooks also offers a variety of features specifically designed for businesses required to file quarterly estimated taxes.

Key Features

  • Auto-track your mileage and expenses with the QB Mobile app.
  • It’s simple to categorize your expenses into the appropriate tax classifications or have them sorted automatically in the background.
  • You can store your expense receipt with snap and save.
  • Generate invoices and track payments.
  • Calculate your quarterly estimated taxes.

Pricing

Although it’s not FREE like Persona is, you will have to pay $7 per month for its basic plan.

3. TaxAct

TaxAct is a popular tax preparation software known for being easy to use and FREE. TaxAct can be used to calculate your quarterly tax payments.

TaxAct is a great option for those looking for a FREE way to calculate their taxes without signing up for a subscription.

Key Features

  • There is no need to install any software- you can use TaxAct entirely online.
  • TaxAct will help you maximize your tax deductions to get the most money back.
  • You can get started for FREE without having to enter any payment information.
  • They offer up to $100000 insurance if you face any penalty from IRS due to TaxAct calculation error.
  • Maximum refund and 100% accuracy guaranteed.

Pricing

Free to use for simple tax returns.

4. SmartAsset

The free income taxes estimator can be a great way to see what your liability will look like. Whether you’re self-employed because of working as an independent contractor or trader, there might also come a time when it’s necessary for one party (the taxpayer) in any business relationship with another person who has earnings from their work; capital gains taxes must still apply even if they sell goods at a profit instead.

SmartAsset has a great tax calculator for those who are self-employed but will be paying taxes (capital gains). The tool is well-designed, and the number even adjusts based on the location that you type in.

Key Features

  • A great option for those self-employees or freelancers looking to pay capital gain taxes.
  • 100% accuracy is guaranteed.
  • Offers a deduction maximizer to help you get the most money back.
  • The tool is well-designed and even adjusts based on the location.

Pricing

It’s FREE to use.

5. Everlance

Everlance is the perfect app for tracking work miles & expenses. With Everlances, you can automatically capture your car’s mileage and business trips- which likely equal thousands of dollars in deductions.

When preparing taxes, download these records from within or hand them over to an accountant who will import them directly into their tax preparation software – savings.

Everlance also makes it easy to track your expenses and create expense reports with the click of a button. The app is easy to use and can be a great way to save time and money when preparing your taxes.

Key Features

  • Track your mileage and business expenses automatically.
  • Create expense reports with the click of a button.
  • Easy to use interface.

Pricing

It’s a FREE limited version, and premium versions cost $118 and $398 per year.

6. KeeperTax

Even though the free tax estimator from KeeperTax may seem simple, it takes state law and regulation into consideration. It also asks for your filing status to provide an accurate estimate of taxes owed or refunded based on what you’ve reported previously, which most other online tools don’t do.

KeeperTax is a great option for those looking for an accurate estimate of their taxes. The tool is very simple to use and only takes a few minutes to get an accurate estimate if all information is provided.

Key Features

  • A very polished tool with great UX design.
  • Asks for your tax filing status to provide an accurate estimate.
  • Thousand of happy customers

Pricing

Offer a FREE trial, and prices start from $16 per month.

7. H&R Block

There are some issues in using the 1099 tax calculator from H&R Block, but it is still a handy tool. You can use it to estimate your taxes and determine how much you will owe or if you are eligible for a refund.

The site is really simple and easy to navigate. It also requires a decent amount of input information, but once you get onto the next screen, it’s smooth sailing from there on out.

The tool is very simple and easy to use, but it doesn’t provide as much detail as some of the other options on this list.

Key Features

  • At some point, you may need help from a professional to get your taxes in order. That’s why H&R Block has a big network of tax professionals that can help you with your taxes.
  • Along with that, the tool also provides tips on how to reduce your tax liability.
  • The company also offers a 100% accuracy guarantee.

Pricing

It’s FREE to use. You only pay when you file your taxes with the help of their tax expert.

find the best Independent Contractor Taxes Calculators

Frequently Asked Question

What Is the 1099 Form Used for?

The 1099 form is a great way to report self-employment income such as stocks or freelance work dividends. There are many different types of these forms depending on the type and source of your net earnings, so you’ll want an expert writer who can help with all those tricky details.

What percentage of taxes do I pay as an independent contractor?

The self-employment tax rate is a whopping 15.3%. The first part, consists of 12.4% of social security tax (old-age insurance) and 2 .9%, going to Medicare Hospital Insurance.

Why is self-employment tax so high?

The self-employed are subject to a separate 15.3 % tax for Social Security and Medicare taxes. This higher rate is because the IRS views them as both employees AND employers, meaning they must pay more pay self-employment tax in benefits than what’s inside their paycheck at work each month.

What should an independent contractor keep track of?

An integral part of being self-employed is your boss – which means keeping track of everything from work hours and payroll to tax forms. One thing many small business owners recommend for this type of paperwork needs files or folders on electronic devices as well as physical ones to file away all those pesky papers coming into headquarters at home every month.

How can I lower my taxes?

Using a mileage and expense tracker can deduct thousands of dollars from your self-employment taxes. That means more money stays in the pocket of the hardworking American.

For example, let’s say you are an independent contractor who drives for work. You can use an app to track your mileage and work-related trips automatically. This will allow you to deduct your mileage from your taxes, saving you a lot of money.

Final Thoughts

Now that you know a little more about the top 7 independent contractors’ taxes calculators, it’s time to choose the one that will work best for you. All of these calculators are great tools, but they each have their unique features. Depending on your tax situation and business needs, one of them may be a better fit for you than the others.

Persona is the #1 management platform for independent business owners. it's 100% free, download it now.

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Persona is the #1 management platform for independent business owners. Download it now, it's 100% free.

GET STARTED >>
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