Paying Taxes Quarterly
Self-employed workers typically owe taxes quarterly if their tax bill is going to be more than $1,000 for the year, and there are penalties for…
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Category: Accounting and Taxes
Overview of Common Tax Forms
Form 1040 – The main tax document that everyone fills out is called a Form 1040. This is the tax form headquarters and it serves…
Getting a Tax Identification Number (TIN) and Avoiding Withholding Taxes
When you start your business you may need to get a TIN (“Taxpayer Identification Number”) or EIN (“Employer Identification Number”) and/or a business license from…
Getting an Employer Identification Number (EIN) for Employees/Subcontractors
If you hire someone to help you, you will need to get an Employer Identification Number (“EIN”) rather than a Taxpayer Identification Number (“TIN”) if…
Sample Schedule C Deductions
As a self-employed person, one of the biggest benefits is that you get to deduct a wide variety of work-related expenses from your taxes. This…
Tax Deduction Checklist
Here are some standard things you can deduct from your income taxes, in addition to your itemized/standard deduction: The employer-equivalent portion of your self-employed taxes …
Deducting Business Expenses
While there are many names for your chosen career – freelancer, independent contractor, gig economy employee, among others – it effectively means that you work…
Options for Deducting Automobile Expenses
There are two ways to handle deductions for automobiles. Generally, you have to keep track of all your expenses and deduct the total when you…
Expenses on Form 1099
Some of the obvious deductible expenses may be on your 1099 form itself. For example, Uber provides a tax summary with your 1099 income, which…
Tracking and Reporting Business Revenue
Many people talk about tax deductions (expenses), but it’s also important for you to track your revenues as well. While your customers will likely report…