Articles by Jess Catorc

A sudden boost in freelance income, a profitable stock sale, or even a large bonus might feel rewarding until the IRS expects its share. The U.S. tax system runs on a pay-as-you-go schedule, which means taxes must be paid throughout the year, not just at filing time. Anyone who expects to owe at least $1,000 in [...]

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, [...]

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 [...]

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 [...]

Running your own business or side gig? You might want to consider a retirement plan made for people like you.  A Solo 401k could be a strong option. It’s built for self-employed individuals, with higher contribution limits and generally more flexibility than regular retirement accounts. In this guide, we’re looking at two different Solo 401k plan providers: [...]

Planning for tax-free growth in retirement can feel complicated, but a Roth IRA can make it more manageable if you follow IRS rules.  This guide explains the 2025 contribution limits, key deadlines, and practical strategies to help you capture potential tax-free growth while avoiding excess-contribution mistakes. Before funding a [...]

Missing a deadline or misunderstanding income rules could reduce your tax benefits. In 2025, the IRS set the Traditional IRA contribution limit at $7,000 for individuals under age 50, or $8,000 for those age 50 and older. Income thresholds for deductibility and Roth eligibility have also increased, which may affect how much of your contribution [...]

Are you moving through your financial milestones with a clear plan to capture each new tax advantage? New rules under Congress’s SECURE 2.0 law push the age for required minimum distributions to 73 and raise catch-up contributions for people ages 60 to 63. For 2025, the IRS sets contribution limits at $23,500 for 401k plans and [...]

What does the typical American earn at ages 22, 45, or even 65? As careers unfold, income usually climbs, peaks, and eventually levels off — but exactly how, and when?  In this article, we explore the latest data from the U.S. Bureau of Labor Statistics (BLS), SmartAsset, and research on financial literacy by age to reveal [...]