Carry Learning Center

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 [...]

Overview IRS Form 1065 is used by partnerships to report their annual income, deductions, and other financial activity. This filing requirement generally applies to general partnerships, limited partnerships, limited liability partnerships, LLCs taxed as partnerships, and certain joint ventures. Foreign partnerships may also be required to file if they earn at least $20,000 in U.S. income or if [...]