There are three ways the government can increase the revenue it receives from income taxes: it can increase the tax rates, eliminate tax deductions or credits, or phase-out tax deductions or credits for some taxpayers. By far the way least likely to draw ire from the general public is reducing or phasing
Self-employed workers have to pay taxes just like everyone else. And you don't have the luxury of waiting until April 15 to pay your taxes -- the IRS wants its money faster than that. You have to pay tax on your estimated annual income in four quarterly payments. Because of this estimated tax requirement, you need to budget your money carefully. If you don't set aside enough of your earnings, you could face a huge tax bill on April 15, and possibly penalties too.