Investing in Web Sites for Tax Benefits and Profit

Investing in web sites can provide the same tax benefits as any home based business.  ALL expenses associated with the business of owning a web site is tax deductible.  Including, a percentage of your rent or mortgage, utilities, up of your home, miles driven for business, all business equipment, furniture and upgrades.  Not to mention, your cell phone, marketing, payments made to freelancers, online marketing cost and education involved in learning to make your business profitable.


Buying web sites is a popular investment, because the initial investment can be less than $500 for a new start up, HTML web site or blog, with original content and several streams of income which can generate annually, 10 times the initial investment

 

Virtual real estate is less expensive then tangible real estate yet the investment process is very much the same.  When an investor buys real estate, a home, duplex or apartment building, all of the upgrades to the property helps to increase the value of the real estate, and is added to the bases of the property.   The same hold true with a web site.  Web site upgrades, bells, whistles and gadgets, along with great content, increases the value of a web site greatly.  Many people encourage buying well established web sites, at a cost of one or two times the annual earnings of the site.

 

While this is good, for people who have experience with owning, managing and growing web sites, it can be a nightmare for a site owner who is not really sure how to continue the snowball effect and continue to generate the revenue that the previous owner was able to generate.

 

HOW SMALL INVESTORS CAN PARTICIPATE AND LOWER THE RISK

 

Web site investing is fast becoming an acceptable investment which can provide immediate monthly income.  And just as big business is moving into the web site ownership market, investors with limited investment capital can also participate in this unique industry. 

 

As long as a site has unique content, or provides an extremely popular service, a small investor can increase the value of his web site over time, and enjoy the same benefits as those who invest large sums of capital. 

 
There are thousands and thousands of stories where someone has loss their job, and started to blog, only to find themselves earning more than twice what they earned on the job.  It all about: the niche, the content, the service or product, (pricing) and the marketing of the site.

Banks and Investment Firms are already investing in large websites.  Small investors would do well to move forward as quickly as possible.

 
SEARCH ENGINES AND INVESTMENT IN WEB SITES FOR PROFIT

 

This is a touchy subject.  The latest update by the largest search engine on the net, upset the bank accounts of many webmasters, website developers and web site owners.  People’s bank accounts actually went from say, $1000 and more per month to less than $100 per month for the small web site investors.

 

More than ever, these recent changes have web developers and investors moving more toward affiliate income, rather than pay per click income.  And rightfully so, the search engines actions, reminded each of us that we much build web sites which can with stand changes by the major search engines.  This means we must build precise niches with a high level of content.

 

WHERE TO FIND WEB SITES TO PURCHASE

 

Investors can find thousands of web sites to purchase by using the search engines.  There are about ten major sites and many smaller niche sites which sell web sites. 

 

WHAT TO LOOK FOR WHEN PURCHASING A START UP SITE

 

1.        You want to be sure the content is original, if not, you want to be sure the service or product is a winner in the eyes of web visitors.  You can usually determine this by what other sites with the same content are generating each month, and how many visitors they have.  Your job, should you decide to purchase the site, is to bring visitors to the site to generate your monthly income.

2.       You want to be sure that you will be accepted into any affiliate program BEFORE you purchase the site. 

3.       You want to be sure that the site works properly

4.       You want any and all information on how to market the site

5.       You want full ownership of the domain name and all content, including paid WP Plugins

6.       You want to set a budget for online marketing, regardless if it is $10 or $1000 a month, and stick to it.

7.       You want to be sure that the site is indexed or is capable of being indexed into the search engines.

8.       You want to be sure that the domain name has a clean bill of health when it comes to the search engines.

9.       You want to be excited, even passionate about the product, service and information you are offering on your site.

10.   You want to purchase from a company or individual who will be there for you after the sale.

 WHAT TO PAY FOR A START UP

A start up web site can cost anywhere from $45 to $1500, unique content, several streams of income.  Websites which are sold on major web site for sale sites, usually have a suggestion for the cost of web sites, based on:

1.       Domain name, Age of Domain

2.       Content / Niche

3.       Traffic

4.       Backlinks

5.       Site’s Popularity

6.       Page Rank

7.       Monthly / Annual Income

 It is harder to set a price on a start up because there is usually no monthly or annual income to set the price.  It really depends on the amount of work that has gone into the site, and what the site offers to you as a new web site owner, and to your web visitors.

 

HOW TO PURCHASE A WEB SITE

You want to be sure that the domain name is transferred into your name.  Therefore you also want to be sure that the person, who is selling the site to you, has the legal right to do so.

You can use PayPal, especially if the seller is “verified” that way if there is a problem, you can contact PayPal and request a refund.

If the web site is over $250 USD it might be a good idea to place the transaction into escrow.  The escrow fee is a percentage of the transaction value, and is well worth the investment.  The buyer places the money into escrow.  And when the buyer and seller are completely satisfied with the transaction, then the escrow company releases the funds.  It is a great way for the buyer and seller to protect themselves.

 DO YOUR HOMEWORK BEFORE BUYING A START-UP WEB SITE

1.       Do you know how much traffic the website gets?

2.       Do you know how much money the website makes?

3.       Does the web site work properly?

4.       Is the topic, keywords and content popular?

5.       How will you get visitors to your site?

This article was provided by VirtualRealtyInfo.com – a place where virtual real estate is available for investment, tax benefits and growth.  Visit www.virtualrealtyinfo.com  now.  Virtual Realty provides a step by step plan to market your website, regardless if your marketing budget is $10 a month, $100 a month or $500 a month.  Web visitors, Google accepted, Alex counted.

 

Mitt Romney's Taxes and Investments

I have previously talked about reviewing the presidential candidates tax returns to get inside information on how the wealthy generate wealth.

When reviewing Mitt Romney's 2011 tax return, we found the usual components for a very wealthy man.  A family trust controls most of the assets and had invested in securities from companies with ties to Iran, investments in Chinese oil company, CNOOC.  Plus we found that these questionable investments for a presidential candidate might cause some problems. 

The tax return supports that Mitt Romney were very much aware of these questionable investments as it would relate to the U.S. voters, and sold the stocks!

This blog is NOT about politics, this blog is about tax write offs, tax loopholes and ways to decrease your tax liabilities while increasing your assets, income and peace of mind.  What the tax returns of  wealthy presidential candidates reveals is HOW, the rich get rich.

What you now know is that investing in oil, regardless of which country the investment is affiliated with, is one of the strategies for building wealth. 

As the weeks go by, we will look at more investment strategies of the wealthy.  After all if we duplicate the investment patterns of the wealthy, on a much smaller scale, you too can benefit, even though a lot of details about the taxes are missing, tax experts were still able to determine certain facts.  Read the entire Mitt Romney tax saga

Ways to Create a Legal Tax Write Off

Creating a Legal Tax Write Off, Options, One, Two and Three

We have often times encouraged tax payers, who have owed taxes in the pass to do one of three things to reduce their tax liability,

1.       Purchase a primary home and use the mortgage interest as a write off to reduce taxes

2.       Make an appointment with an Investment Planner and include tax planning in with your   Investment strategies. (long-term)

3.       Invest in a small home based business, and receive the tax benefits.

Today’s post involves the details in starting a home based business for the sole purpose of creating:

1.        An opportunity

2.       A legal tax write off

The downside in starting a home based business, especially to help lower your tax liabilities, is the IRS audits more of these types of tax returns than most.  Two, you usually can only “loose” money for 3 out of 5 years before the IRS starts asking questions about your intent.  Questions such as, “Is your business a hobby?”

To avoid these types of questions and to within stand ANY questions the IRS may have about your home based business, you should be prepared to do the following:

1.       Create a business platform, which you are serious about running as a small business

2.       Keep records of all expenses

3.       Plan on making a profit, and once you do, then start another business, and another, and another to offset your income.

The end result will be:

1.       You owe IRS more money, because you have more income

2.       You can delete your day job, and become your own boss

The bottom line is: 

If you earn money from a home based business, and you set it up so you can run it from anywhere in the world, you create an option to make your home based business an International Corporation, move off-shore and request from the IRS, exclusion from foreign income up to $95,100 (2012) per year!  (Contact your attorney, ask questions)

Are you understanding, why so many web site owners are moving offshore? 

This post sponsored by Virtual Realty, Web Sites for Sale, perfect home based business, tax benefits, passive income, opportunity.  Web site ownership will enable you to qualify for tax write offs on the following expenses: (partial list of expenses)

1.  percentage of mortgage or rent paid

2.  percentage of utilities and cost of the upkeep of your home

3.  cost of cell phone, communications

4.  Internet Service Provider

5.  all business expenses, including research

6.  all payments to Freelancers and Independent Contractors

7.  cost for equipment for the business, including computer, laptop, printer, fax machine, etc.

8.  cost for furniture for the business

9.  any and all expenses related to your home based business.

10. travel for business purposes, you know, the annual workshops in Las Vegas, New York and San Francisco

 

 

Its Not to Late to Avoid A Tax Bill Next Year, Reduce Your Taxes

The Internal Revenue Service reminds taxpayers that it's not too late to adjust their 2012 tax withholding to avoid big tax refunds or tax bills when they file their tax return next year. Taxpayers should act soon to adjust their tax withholding to bring the taxes they must pay closer to what they actually owe and put more money in their pocket right now.        Most people have taxes withheld from each paycheck or pay taxes on a quarterly basis through estimated tax payments. Each year millions of American workers have far more taxes withheld from their pay than is required. Many people anxiously wait for their tax refunds to make major purchases or pay their financial obligations. The IRS encourages taxpayers not to tie major financial decisions to the receipt of their tax refund - especially if they need their tax refund to arrive by a certain date. Here is some information to help bring the taxes you pay during the year closer to what you will actually owe when you file your tax return.
Employees

• New Job. When you start a new job your employer will ask you to complete Form W-4, Employee's Withholding Allowance Certificate. Your employer will use this form to figure the amount of federal income tax to withhold from your paychecks. Be sure to complete the Form W-4 accurately.
• Life Event. You may want to change your Form W-4 when certain life events happen to you during the year. Examples of events in your life that can change the amount of taxes you owe include a change in your marital status, the birth of a child, getting or losing a job, and purchasing a home. Keep your Form W-4 up-to-date.

You typically can submit a new Form W-4 at anytime you wish to change the number of your withholding allowances. However, if your life event results in the need to decrease your withholding allowances or changes your marital status from married to single, you must give your employer a new Form W-4 within 10 days of that life event.

Self-Employed

• Form 1040-ES. If you are self-employed and expect to owe a thousand dollars or more in taxes for the year, then you normally must make estimated tax payments to pay your income tax, Social Security and Medicare taxes. You can use the worksheet in Form 1040-ES, Estimated Tax for Individuals, to find out if you are required to pay estimated tax on a quarterly basis. Remember to make estimated payments to avoid owing taxes at tax time.

Publication 505, Tax Withholding and Estimated Tax, has information for employees and self-employed individuals, and also explains the rules in more detail. The forms and publication are available at IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676).

Links:

• Form W-4, Employee's Withholding Allowance Certificate
• Form 1040-ES, Estimated Tax for Individuals
• Form W-4P, Withholding Certificate for Pension or Annuity Payments
• Publication 505, Tax Withholding and Estimated Tax

What is Asset Based Lending?

Asset Based Lending generally refers to a business putting up assets as collateral for a "no credit check business loan."  The actual words can be used in several different categories, but the most popular category is “accounts receivable funding” “invoice lines of credit” “ar funding” and factoring.

These are all words which explains a transaction, where a Lender provides a company immediate working capital in exchange for their current invoices, making the transaction an “asset based loan”

In Europe this type of transaction is extremely popular and in America the popularity of Factoring is growing each day because of the benefits which Accounts Receivable Funding provides.

The first benefit includes no financial or credit check on the company who is seeking immediate working capital.  The credit worthiness of the company’s client is what is important to the Lender.

The second benefit is, the Lender charges a fee based on the credit worthiness of the client, the amount of the Invoices, and the type of industry the company is in.  This fee is usually between 1.5%, to 3.5% of the total Invoice amount, and is 100% tax deductible as a business expense.

The third benefit is the time it takes to fund.  Some of the larger companies can fund within 48 hours and less if you establish a Factoring relationship with the Lender “before” you actually need the working capital.  Lenders who fund Government Invoices can take up to 4 weeks to fund.  The US Government does allow and encourages factoring for Government vendors, however to establish the transaction, sometimes it takes a little longer.

Staffing agencies, manufacturing companies, suppliers, distributors, medical invoices, commercial construction and a great number of other types of business can benefit from Factoring and asset based lending transactions.

The fourth major benefit concerns the added task some Factoring companies perform for their clients.  Collections and accounts receivable task, as well as running credit checks on your clients, prior to your involvement.  Consultation on how to write up the agreement with your client and details on how to protect your business is all a part of the service when you choose the right Lender.

The cheapest Accounts Receivable Lender may not be the best Lender.  And the largest Lenders often times is not the best Lender for certain industries. 

What we do is funding placement, based on location, amount of invoices (up to $10 Million) and type of business you are in.  Visit us at Factoring/Accounts Receivable Funding Placement,  and complete a six (6) question application.  We can find you a Lender within 24 hours.

Circular 230 Plays a Big Part in Registered Tax Return Preparers Test

1040 Exam Prep

Introducing the Basics on Circular 230 for the Registered Tax Return Preparers Test As part of the overall tax return preparer industry review, the text of Circular 230 was expanded to include the new category of practitioners classified as "registered tax return preparers".In the past, just attorneys, certified public accountants, and enrolled agents were subject to the standards and sanctions of Circular 230. In light of the new rules, and after a transition period running until December 31, 2013, all tax practitioners will be subject to the provisions of Treasury Department Circular 230 (Rev. 8-2011), "Regulations Governing Practice before the Internal Revenue Services". CLICK HERE TO READ THE REST OF THE POST

OK People This is What We Have Been Waiting For, Miitt Romney's Tax Return

This tax return will show you without a doubt how the very wealthy earn, generate, create and maintain vast sums of income.  If you get nothing else from this presidential election, you should feel blessed to be able to review such a return.  This is the type of return that most of us can only dream of understanding, implementing and learning from.

If you re not excited about this, then either you don't understand, or you don't plan on increasing your income.

Peace, Love and God Bless America, cause God knows, there are very few places on earth where such a tax return could exist.

http://www.huffingtonpost.com/2012/09/21/mitt-romney-tax-returns-released_n_1904242.html?icid=  maing-grid7%7Cmain5%7Cdl1%7Csec1_lnk2%26pLid%3D209085

Hot Investment Tip, Research: Marijuana Stops Metastasis in Agressive Cancers

A pair of scientists at California Pacific Medical Center in San Francisco has found that a compound derived from marijuana could stop metastasis in many kinds of aggressive cancer, potentially altering the fatality of the disease forever

This came in the email today.  We are not sure how you or anyone take advantage of this information, if in fact the research holds up.  You can read the entire story by clicking here

How Small Business Can Compete With Big Business in Internet Marketing

This post is a result of my promise to share my knowledge once I learned how SEO really works. I have deliberately buried this information within my tax blog, because I really didn't want to share.

Google’s most recent updates have caused serious consequences for some and a serious increase in income for others, but mostly a reduction in Online income has been the results for many.

The Internet is evolving at a fast paste.  If you take a two-week vacation, things could be seriously different by the time you return.  And for this reason, some of the most successful geeks online are turning, or have turned to “additional” tactics for Internet Marketing, rather than relying solely on SEO.

Successful independent Internet Marketers are turning to social networking and blogging with a ping.

This is where the majority of the “big boys” have gone.  No I am not talking about the ones who share the “massive email list of online opportunity seekers, with one another.”   I am on this email list.  I understand exactly what happens, and I also have purchase my share of “only one left for $9.97 products.” 

 

(Did you know that these list make at least one or two, if not more, millionaires a week?  Information is power and people will and do purchase software programs and e-books which promises to bring in hugh number of web visitors.)

I’m talking about the professional Internet Marketers who hold down an eight to five job.  You know the ones who know how to sell 2.5 million diamond bracelets in 5 days.  I’m talking about the professional marketers who work in an organized corporate environment, and have 10 to 30 people working on promoting selected campaigns, online, for one retailer.

You see, these are the people who truly understand  how to generate a million or two a day, in online revenue.  And they understand that it takes a team of SEO professionals. And they are paid well in Corporate America.

How do they do it? Do they depend on Google, Bing or Yahoo? or SEO for that matter?

The answer is NO.  However, after you implement a couple 1000 page online campaigns, you are bound to move up, in the search engines.

We the little people, can’t afford these types of campaigns, nor can we afford the $25,000 ad campaign to place banners all over AOL or Yahoo (Channels)

One other way a one man (or woman) show, can make it big in Internet Marketing, without going broke is to embrace social media, blogging, pinging, banners and one other classified task. (lots of banners)  Find the services which automate these task and, are in good standing with the major search engines, and you have found the path to successful online marketing.

There is one more piece to this puzzle.   Buying visitors, is not something that the major search engines support, and for good reason.  HOWEVER, when you buy 10,000 real visitors, (especially U.S. visitors) you are creating a pattern. You create a pattern of energy, (thoughts are energy) which regular visitors can and will eventually follow.   

This only works if what you have  to offer is of value, and is well presented.  (No bots.)   Macy’s, Amazon, or Radio Shack don’t have to create a mind set, they already have a database of millions of clients.  All they have to do is e-mail them, or FB, or tweet them the deal.  But if you are a one man, (or woman) show, creating an affordable energy patterns could be your best kept secret. 

 

Investing Does Not Always Mean Putting Money into the Stock Market or a Real Estate Deal

Another major investment which people often forget about is the investment of time, energy and effort into themselves.  To be honest, investing in yourself is one of the greatest investments a person can make.  After all, you know there will be a gain, when you put money and time into improving yourself.

No, I am NOT talking about a new Porsche automobile, so women, or men will think you are hot.  I am speaking about the investment of time into learning, education, increasing your self-worth in order to increase your net worth in the future.

In the many years of doing taxes, one of the facts I learned early is, those who increased their income from year to year, often did so because of their effort to flatten the learning curve on certain subjects. 

Yes, we all want to make more money, yet not all of us will take the time to sit down and make a plan and then follow the plan, in order to realize our dreams.  If you make a plan, you are sure to realize that you may need to “learn more” about a subject, job, task, venture or project in order to realize the goals.

Invest in yourself.

Read These Words: 2/3 of 400 Richest, ADDED to Their Fortunes in Last 12 Months

Fact:  Two-thirds of these 400 billionaires added to their fortunes over the past 12 months. 

Yes, when the economy bottomed out for many, the world's richest billionaires were adding to their fortune.  OK, so it takes money to make money you say.  Well maybe.  How did they "add" to their fortunes?  Or better yet, how did they get rich in the first place?  (Not counting those who were born into wealth)

One way to find out is to review the tax returns which are public records for the wealthiest presidents and even governors, in the United States.  Learn more about how the rich get richer and the poor, it appears is getting poorer.

Success is NOT a secret, success is a formula.  And the United States Government has a "formula" to know how much of their wealth they need to pay in taxes.

Google has a "formula" to determine which pages go where in the search engines.  And our current president "wrote a book" and increased his wealth.  Well maybe your life story isn't as exciting, but there are formulas for great fiction novels!

And each of these 400 billionaires and all the rest of the millionaires all have "formulas" which have created wealth for them.

Can you say "formula"?  You can read the entire article here: 2/3 of the 400 billionaires increased their fortunes over the last 12 month

Tip for the Tax Return Preparers Exam

Tax Return Preparers Test Hot Topic: 

Ethics: Circular 230 Sub-Parts A, B, and C

Circular 230 sets forth stringent ethical standards and disciplinary sanctions for violations of those standards. The new scope introduced by the 2011 IRS and Treasury Department amendment to Circular 230 extends the applicability of the standards and sanctions in Circular 230 to registered tax return preparers. Therefore, 15% of the questions in the competency examination necessary to become a registered tax return preparer pertain to topics in Sections A, B and C of the Circular.

-------------------

Many have reported that the test clearly includes more than 15% questions on ethics.  Take this info for what it's worth.

The IRS Pays an Ex-Banker $104 Million Dollars for His Help

The IRS Whistle Blower Program is alive and well and to provide it, they have awarded an ex-banker $104 million dollars for offering up information on people who are classifieds as overseas tax cheats.

And the banker is a former Swiss banker, who himself served prison time for a fraud conspiracy conviction.

To learn the details about this most interesting announcement,click here to read the entire article on the IRS's latest million dollar whistle blower

This incident alone should make offshore account holders aware that the IRS is serious about unreported income, which may be housed in offshore bank accounts.  We cannot stress enough the importance of coming clean about offshore accounts.

It is NOT illegal to have offshore accounts, however, it is illegal, NOT to share this information with the IRS.  Are millions of dollars in taxes saved worth prison time?  Make an appointment with an International Tax Attorney and discuss your options.

While Taxpayers Weren't Looking, IRS Quietyl Reinvented an Extension of Itself

The changes have been in the news, however, if you weren’t looking for it, you may have not noticed.   The end results, of the Internal Revenue changes appear to be slow and deliberate.  After 2013 there will be no more tax professionals available to the public who are not registered and tested by either the State or the Feds.

Starting January 1, 2014, the Internal Revenue Service will have its hand on the pulse of every tax professional either directly or indirectly, depending on the initials behind their names.

Tax Attorneys and CPAs will continue to be screened, tested and licensed by the State in which they live or do business in.  Enrolled Agents and Registered Tax Return Preparers (RTRP) will be screened and tested by the Department of Treasury, Internal Revenue Service.

When you first look at this new organizational chart the tax professionals who represent the IRS, as Independent Contractors, you might believe the recent changes would benefit Tax Attorneys and CPAs, and for the most part this could be true.

Yet, one you become a part of the changes by completing the new requirements imposed upon tax preparers, you begin to see a slightly different picture emerging.  The change enables, the IRS to become completely self-contained.

With the new Registered Tax Return Preparer (RTRP) the IRS has managed to enroll and register all levels of individual tax preparers, who prepare taxes for a fee, except Tax Attorneys and CPAs, who are licensed by the States.

Enrolled Agents and RTRP have no state boundaries and can work across state lines.  Get ready people, because a change has already occurred when most of us weren’t looking.  My grandfather always said it was the “little things,” that you have to watch out for.

What to Do When the IRS Contacts You Because of Unfiled Taxes

Here is an upbeat video to help you understand your options when the IRS contact you because of unfiled taxes.  For immediate help, complete the funny looking form to the left, and we will help you.

Change Your W4 - Reduce or Eliminate Your Tax Liability

Below you will find the IRS's release on avoiding taxes at the end of the tax year.  And for the most part this is the best way to avoid large tax bills.

If you are like some taxpayers, you have adjusted your W4 to accommodate your cash flow for half the year and then you make sure the IRS is covered the other half of the year.  And like many taxpayers, you dummy down your W4 for the first six months and then increase it for the last six months.

If you insist on doing this each year, there is one suggestion.  Pay the IRS heavy through your payroll withholding for the first six months, and increase your take home pay for the last six months instead of the first.  It is during the holidays, especially when families are involved, that taxpayers find that they need that extra cash.

Plus if something should happen during the last half of the year and you were not working during the 3rd and 4th quarter of the year, your debt to the IRS would more than likely be over paid.  And the refund would come in handy.

Read below for the IRS's suggestions on adjusting Federal withholding to avoid big tax refunds or tax bills.  If you need help with computing Self-Employment taxes, just complete the form to the right.

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The Internal Revenue Service reminds taxpayers that it's not too late to adjust their 2012 tax withholding to avoid big tax refunds or tax bills when they file their tax return next year.
Taxpayers should act soon to adjust their tax withholding to bring the taxes they must pay closer to what they actually owe and put more money in their pocket right now.

Most people have taxes withheld from each paycheck or pay taxes on a quarterly basis through estimated tax payments. Each year millions of American workers have far more taxes withheld from their pay than is required. Many people anxiously wait for their tax refunds to make major purchases or pay their financial obligations. The IRS encourages taxpayers not to tie major financial decisions to the receipt of their tax refund - especially if they need their tax refund to arrive by a certain date.
Here is some information to help bring the taxes you pay during the year closer to what you will actually owe when you file your tax return.

Employees

• New Job. When you start a new job your employer will ask you to complete Form W-4, Employee's Withholding Allowance Certificate. Your employer will use this form to figure the amount of federal income tax to withhold from your paychecks. Be sure to complete the Form W-4 accurately.
• Life Event. You may want to change your Form W-4 when certain life events happen to you during the year. Examples of events in your life that can change the amount of taxes you owe include a change in your marital status, the birth of a child, getting or losing a job, and purchasing a home. Keep your Form W-4 up-to-date.

You typically can submit a new Form W–4 at anytime you wish to change the number of your withholding allowances. However, if your life event results in the need to decrease your withholding allowances or changes your marital status from married to single, you must give your employer a new Form W-4 within 10 days of that life event.
Self-Employed

• Form 1040-ES. If you are self-employed and expect to owe a thousand dollars or more in taxes for the year, then you normally must make estimated tax payments to pay your income tax, Social Security and Medicare taxes. You can use the worksheet in Form 1040-ES, Estimated Tax for Individuals, to find out if you are required to pay estimated tax on a quarterly basis. Remember to make estimated payments to avoid owing taxes at tax time.