Carry Learning Center

Driving, delivering, or freelancing can give you flexibility and control over how you earn. But when income changes from week to week, keeping up with tax payments can feel confusing or unpredictable. Many independent workers are surprised to learn that taxes aren’t automatically withheld and that the IRS still expects payments throughout the year. Understanding how [...]

Every year, many taxpayers send thousands of dollars in estimated payments yet still face surprise balances at filing time. The problem often isn’t the math. It’s where those payments appear on Form 1040. A misplaced entry or missing record can make it seem like you never paid at all. If you make quarterly payments for self-employment, [...]

Freelancers, gig workers, and small-business owners often face uneven cash flow — and with it, the risk of IRS underpayment penalties. When income fluctuates throughout the year, dividing estimated taxes evenly across quarters can feel unfair. The Annualized Income Installment Method (AIIM) helps address that by aligning each payment with what you actually earned during [...]

Quarterly taxes can catch many self-employed earners off guard, especially when income varies from project to project. Yet the IRS provides a simple way to stay ahead — Form 1040-ES. This form and its worksheet help estimate federal income and self-employment taxes, so payments stay on track and penalties are less likely. The process involves totaling [...]

Here’s something worth exploring if you run a business. The Qualified Business Income (QBI) deduction under Internal Revenue Code Section 199A can allow certain business owners to reduce taxable income by up to 20% of qualified earnings. It may also apply to specific REIT dividends and income from publicly traded partnerships. Sole proprietors, partners, S corporation [...]

Looking for ways to cut future taxes before 2026? Electing S-corporation status with IRS Form 2553 can be a practical step for business owners who want to avoid paying both corporate and personal taxes on the same income. The election generally lets your business income pass through to your individual tax return, which can help [...]

The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation have jointly released informational copies of the 2025 Form 5500 series, marking annual updates to the mandatory filing requirements for employee benefit plans. These forms serve as the federal government’s primary tool for monitoring the financial health and operations of retirement and welfare [...]

The IRS Criminal Investigation (IRS-CI) division released its fiscal year 2025 annual report showing record-breaking results in uncovering financial crimes. The agency identified $10.59 billion in financial crimes from October 2024 through September 2025, representing a 15.7% increase from the previous year. Tax fraud alone accounted for $4.5 billion of these findings, marking a 111.8% [...]

The Treasury Department and IRS have issued new guidance allowing states to prepare for a federal tax credit program that could save taxpayers up to $1,700 annually on their federal taxes. Revenue Procedure 2026-6, released December 12, 2025, establishes the framework for states to participate in a new federal tax credit for contributions to Scholarship [...]