How Taxes on Bonuses Work
There’s nothing like hearing the news that your hard work has paid off, and you’re receiving a bonus as a token of appreciation. Your celebration might be short-lived when questions about taxes on bonuses fill your mind.
What's Changing in the 2024 Federal Tax Brackets?
With the end of the fiscal year coming to a close, the IRS recently announced the 2024 tax brackets. Inflation is impacting many areas of the economy, and the 2024 tax brackets are one of them.
What is the Difference Between a Sole Proprietorship and an LLC?
An important part of being self-employed is picking a business entity to file your taxes. There are quite a few options to choose from – sole proprietorships, partnerships, S Corps and LLCs.
What You Need To Know About Paying 1099 Tax and W-2 Tax
With the cost of living increasing, more people are picking up side gigs to make a little extra money. Working full-time and being self-employed does come with some benefits, but it also comes with more taxes.
5 Freelancer Tax Mistakes to Avoid at All Costs
The freelancing world offers a lot of freedom. But within it, taxes get complicated because there are more rules to follow.
How Much Do Independent Contractors Pay In Taxes Compared To Other Entities?
Being an independent contractor is how most self-employed individuals start their journey.
Paying Estimated Taxes as an Independent Contractor
Picture this. You’re a graphic designer who is an independent contractor. You had a great year, and business was booming. But when you’re filing your taxes for the April deadline you realize that you completely forgot about paying estimated taxes!
A.I. and the Tax World: Streamlining Everything Tax-Related For Maximum Savings
A.I. is revolutionizing different industries, and the world of taxation is no exception.
How to Avoid Common Tax Mistakes as an Independent Contractor or Sole Proprietor
As an independent contractor or sole proprietor, you need to manage everything tax-related. With this comes great responsibility, and it’s easy to overlook a step or forget a part of the process.
Using the Annualized Income Installment Method to Pay Estimated Tax
Fluctuating income is a common occurrence when you’re self-employed. Uneven income can make it hard to calculate and pay estimated tax.
Protecting Your Business With Liability Insurance For 1099 Employees
When working as a self-employed professional, freelancer or independent contractor you have to create your own space in the market for your business.
Should Independent Contractors Save Paper Receipts For Paying 1099 Tax?
When working as a self-employed individual, the responsibilities are high and never-ending. And no matter how organized you try to be, receipts always find a way to pile up.
The Meals And Entertainment Deduction: 2022 vs. 2023
You might need to rethink your plans if you’re used to taking your clients and business associates out for business meals because they’re a tax write-off. The meals and entertainment deduction for 2023 is quite different from 2022.
Which States Don’t Have Income Tax?
Imagine a place where you don’t ever have to worry about income tax. Now imagine such a place existing in the US. Dreaming aside, certain states in the US have no income tax.
Alcohol as a Tax Deduction
The IRS is really picky about letting you write off alcohol expenses as a tax deduction, but in some cases it is possible.
What's Needed to File for a Tax Extension?
The deadline for filing your 2022 taxes is April 18, and if you haven't filed your tax returns yet, it may be too late. But, there's still time to file for an extension to give you until October 16, 2023 to file your state and federal tax returns.
Can you deduct your wedding dress from your taxes?
If you donate your wedding dress to a qualified charitable organization, you may be able to claim a tax deduction for the fair market value of the dress at the time of the donation.
Can you take gym membership as a deduction?
Your gym membership may qualify as a medical expense that you can write off on your taxes. Here are the criteria you’ll have to meet.
Is disability insurance tax deductible?
If you're wondering whether disability insurance is tax-deductible, the answer is unfortunately no. You cannot write off disability insurance premiums on your taxes. However, there are certain conditions where there are exceptions to this.
What Companies Send a 1099 Form?
There are some big companies that have built their business model on hiring a lot of self-employed people, and here are some of the biggest.
Things to Watch out for When Filling Out Your Form 1040 2023
One of the most important forms to understand and accurately complete is Form 1040. This is the holy grail of IRS forms. Form 1040 is used to report your income and taxes owed to the IRS, and every US taxpayer must fill out and file this as part of their tax return.
How can I file taxes for free?
Looking to file taxes for free? Whether you’re a regular 9-5 employee, self-employed or both, you can take advantage of these services if you meet certain conditions. American taxpayers also have the option to e-file taxes at no cost.
What You Need to Know About the Updated IRS Standard Mileage Rate in 2023
It's a new tax year and the sooner you understand the 2023 IRS standard mileage rates for self-employed and freelance delivery drivers, the better. Read all about it here!
A 2023 checklist for tax filing
As the 2023 tax deadline looms closer, it’s a good idea to start thinking about filing those tax returns. Whether you are a regular 9-5 employee, a self-employed individual, or you happen to be both, missing a deadline means paying tax penalties.
FlyFin: The Best Tax Software For Self-Employed Individuals
Self-employment gives you so much freedom. You work for yourself, make your own hours, and you can even hire people that you actually want to work with. But like every American, you can't escape tax season, but you can escape the stress that comes along with it.
When are taxes due in 2023?
Tax day is one of the most stressful times of the year. If you'r a freelancer or a small business owner, there are forms to be filled out and deadlines to be met, but this will answer all your questions.
How to File for a 2023 Tax Filing Extension — Form 4868
No matter how hard you try, circumstances can sometimes lead to you missing the IRS tax filing deadline. Maybe you're still looking for the receipts for some business deductions you know you want to take.
When Are Business Taxes Due in 2023 for Partnerships and S-corps?
For individuals in the US, the infamous tax filing deadline has always been April 15, but a lot of people don't know that the business tax deadline for certain kinds of businesses is not the same.
Big Uber and Lyft News About Independent Contractors
A California ruled that rideshare companies can continue to treat drivers as independent contractors rather than employees.
Here's How to Use Crypto Losses to Make Your Capital Gains Tax and Taxable Income Less
If you're one of the many digital currency investors who've had serious hits to their finances in recent years, there are some tips that can help you take those losses and turn them into tax savings. If you act fast, you can use them to lower your tax bill this April and in the future, too.
New Tax Laws For 2022 Tax Filing: Everything You Need to Know About New IRS Changes
With tax season right around the corner, Americans are gearing up to file their tax returns. But with the new year the Internal Revenue Service (IRS) has made some changes to tax deductions, credits and filing mandates that will affect your 2022 taxes.
Do I Have to Pay Taxes on My Depop Sales?
Depop has become one of the most popular mobile marketplaces for buying and selling second-hand fashion items.
How To Claim Your Parent As A Dependent On Your IRS Tax Return
Aging is a part of life, and watching your parents get older is never easy. Parents play an essential role in our lives, in childhood and even throughout adulthood.
Where’s My Refund? How to Check on Your IRS Tax Refund
There’s nothing like knowing your tax return has been submitted and the Internal Revenue Service (IRS) owes you a refund. When waiting for your refund, you’re probably asking yourself, “When will I get my tax refund?” When it comes to the IRS, things take time, including sending out tax refunds.
10 Tax deduction tips for Uber Driver-Partners
After the pandemic, rideshare demand grew significantly and many more drivers needed to join the ranks. If you are one of those who joined Uber as a driver-partner, this may be the first time you’re doing your taxes as an independent contractor
Can a Child Earn Money and Still Qualify for Benefits as a Dependent?
Everyone who makes an income must pay tax on that income, no matter what their age, and that includes children. Although, children who are dependents only have to pay federal income taxes if they earn a certain amount.
How to Report Self-Employment Income Without A 1099
Owning your own business or working as a freelancer has many advantages, like setting your own schedule and choosing where you want to work. You have the freedom to choose without any restrictions and can pursue what interests you.
Thinking About Doing Your Own Business IRS Taxes? Read This First!
Small business owners are already keeping up with day-to-day business activities, and taxes are an additional and essential responsibility. Doing your business taxes on your own adds another layer of difficulty to your work
How Do You Pay Yourself When You Own a Business?
There are two ways to pay yourself if you own a business. Which one you use depends on how your business is organized.
Can Someone Self-Employed Write Off Gym Memberships?
There’s nothing like a solid sweat session at your favorite gym. Joining a gym can help you stay accountable to your fitness goals, is a great way to relieve stress and can even help you stay social.
When Should I Not Claim My Child As A Dependent?
The Child Tax Credit is one of the most important tax benefits available each year to parents because it directly reduces the tax they pay by a significant amount.
What Happens If I Get An EDD Audit?
If you're a sole proprietor or run a small business in California, here's how to be ready for an Employment Development Department audit.
What Happens If a Deceased Person Owes Taxes?
Losing a loved one is one of the most difficult things in life. To make matters worse, you have to worry about their taxes after they're gone.
What Happens If You Overpay Your Taxes?
If you overpay on your taxes, don't worry. You'll eventually get that money back, but there a few things you should know in the meantime.
How Do I Get A Refund If I Overpaid My Taxes?
There are a handful of reasons why you might not receive your tax refund on time or at all, but there are a few ways you can remedy the situation.
How To Write off Part Of Your Mortgage For Home Office
Freelancers and self-employed individuals can deduct a lot of business expenses from income, but mortgage installments are not deductible. Mortgage interest is though!
Can I Write Off Part Of My Mortgage For A Home Office?
Freelancers and self-employed individuals can deduct a lot of business expenses from income, but mortgage installments are not deductible. The interest on a mortgage, however, is!
Can I Deduct Mileage To And From Work As An Independent Contractor?
When you're an independent contractor, there are a lot of tax deductions you can take advantage of. Find out if you can deduct your mileage here!
How To Calculate Tax Withholdings For Independent Contractors
Do you work as an independent contractor? Here's how to calculate the correct amount of tax withholding.
How To Deduct Meals As a Self-employment Business Expense
Meals with people relevant to your business – clients, potential clients, partners, industry experts – can be written off from your taxes. Here's how.
Colorado First to Accept Crypto For State Taxes
Cryptocurrency has often been touted as the money of the future. This digital currency has created a lot of buzz in the finance world as investors and traders have scored big – and suffered big losses – from buying and selling different forms of cryptocurrency.
What Happens If You Don't Provide a SSN on Your Tax Return?
There are situations where you can file your tax return without including a Social Security number, and there are situations where there is a penalty for not including a Social Security number.
IRS Increases Standard Mileage Rates Due to Rising Gas Prices
With rising gas prices, the IRS has increased the standard mileage rates. If you drive for work, you might be eligible for some tax deductions.
What is the Penalty For Not Making Quarterly Tax Payments?
If you're a freelancer or self-employed, you have to pay estimated quarterly taxes. Forgetting to file on time might land you with a penalty
What Are Estimated Tax Penalties and How Do I Avoid Them? | FlyFin
If you're a freelancer, you have to do the math and pay quarterly estimated taxes every three months, or you'll receive a penalty for late payment or underpayment.
Is There a Penalty for Filing a Tax Extension?
The IRS tax-filing extension can be really helpful for self-employed individuals to accurately arrange their tax returns – and there’s no penalty for filing an extension.
Can I Include 1099 Employees When I Apply for a PPP Loan?
1099 employees can also apply for loans through the federal government's Payroll Protection Program.
Is There a Penalty for Filing an Amended Tax Return?
Here's what to know about filing your taxes late, what it takes to file for an extension and the differences when it comes to quarterly estimated taxes.
What to Know About Penalties for Estimated Tax Underpayment
If you underpay or skip a quarterly estimated tax payment, it's essential to your financial future to be informed on the penalties and what your options are.
Here’s An IRS Change That Can Affect Online Sellers
Late in 2021, the IRS announced a change to third-party payment apps like Venmo and taxes. Financial advice websites were suddenly filled with people asking, does Paypal report taxes?" and "does this mean there are Venmo taxes now?"
Top 10 Tax Penalties And How To Avoid Them
Like giving your hard-earned cash to the government? Failing to file or pay your taxes on time could lead to some hefty tax penalties issued by the IRS and you can calculate your tax penalties by using a tax penalty calculator.
5 Reasons You May Owe the IRS A Penalty
Paying taxes isn’t an easy task. There are countless deadlines to keep track of, seemingly endless forms to complete, and varying rules and regulations to understand. Working as a self-employed person or freelancer has its perks, but it also comes with responsibilities.
Can I File W2 and 1099 Separately?
If you are a W-2 employee with a side hustle, there’s a good chance that your taxes will be a little bit more complicated than usual– You’ll be receiving a Form W-2 wage statement from your regular employer and a Form 1099 NEC from your clients.
1099 Employees And What They Need To Know
In the past, 1099 employees and freelancers had few legal rights and protections. But recently, especially ever since the pandemic, more and more employers have started using this employment model to avoid paying costly benefits like health insurance and retirement benefits-
A Complete Guide On Tax Deduction for Startup Businesses
Being your own boss and earning a living by doing what you love is a dream that most people aspire to accomplish. So, starting your own business is bound to be an exciting new journey.
When are 1099s due?
There's a lot of talk about 1099s in the news lately, but it may be hard to keep track of when exactly they're due and what you should do with them. With that in mind, here's a quick breakdown of some key information related to 1099 taxes for the year 2022.
Does My Vehicle Qualify for Section 179 Deduction?
Buying a car is a huge expense. Good part? Section 179 of the IRS allows you to deduct the cost of certain types of property on your income taxes
How do I Calculate My Self-Employment Tax?
Being self-employed is a dream for many. Being your own boss and setting your own hours are serious perks. But, they come at the cost of responsibilities, including taxes that can be complicated.
How to pay less in self-employment taxes | FlyFin
Being self-employed has its perks, like being your own boss and setting up your own work hours. But this freedom comes with a lot of responsibility and taxes that can be complicated.
All the ways freelancers can pay less tax | FlyFin
If you are working as your own boss, you get some incredible advantages with the freelance lifestyle. You can set your working hours, work from the comfort of your home and have the ability to choose your clients. All in all, the freelancer lifestyle truly lives up to its name.
Tax Deductions For Social Media Influencers: Do Influencers Pay Income Tax?
Social media has now become a constant part of our lives. During a recent survey, it was found that there are more than 3 billion social media users; that’s slightly more than one in three people on the planet!
Your Ultimate Guide To Crypto Taxes For 2023 | FlyFin A.I.
Cryptocurrency is viewed as property by the IRS, there are two potential taxes that apply to it- Income Tax or Capital Gains Tax. To determine the tax you'll pay generally depends on the type of transactions you're making with your crypto.
How Do Tax Write-Offs Work For Business? FlyFin A.I.
f you are new to freelancing, then tax write-offs are your new best friend. Most self-employed folks, freelancers, gig workers, and small business owners, are aware of the benefits of these tax deductions.
Everything You Need to Know About Tax Deduction on Health Insurance For Freelancers
The health insurance deduction for self-employed is highly beneficial especially if you consider the rising cost of health insurance.
Freelancers: What Travel Expenses Are Tax Deductible? FlyFin
When you’re self-employed, you’re bound to be on the lookout for ways to reduce your taxes. The good news is that you can deduct quite a few expenses while traveling, such as transportation, meals, lodging from your taxes.
Top 15 Tax Deductible Expenses for Freelance Writers or Self-Published Authors in the USA
Writers excel at storytelling, but you can't take creative liberty when it comes to taxes. As a self-employed writer, you need to file both state and federal taxes, as well as 1099 forms.
Home office tax deduction for artists
Artists excel with imagination, but you can't take creative liberty when it comes to taxes. However, as a freelance artist, there are several tax deductions that you can claim out of which the home office deduction remains as one of the most valuable deductions available to freelancers.
Does home office deduction lead to an audit risk?
The home office tax deduction is a legitimate business expense that qualifying homeowners and renters should not ignore. However, a lot of taxpayers fear that the deduction isn’t worth the risk since it could trigger an IRS audit.
How can FlyFin help me with my quarterly taxes?
New to FlyFin and wondering how it handles your Self-employment taxes? Flyfin’s Quarterly Tax Calculator is powered by A.I. and backed by CPAs. The A.I. scans through all your expenses and provides you with the most accurate quarterly tax amount all the while helping you maximize your savings.
Why Should I Make Estimated Tax Payments?
A lot of people envy the freedom of freelancing, but not the taxes involved with it! If you’re self-employed, an independent contractor, or have substantial non-wage income, then you'll need to make estimated tax payments to the IRS to avoid penalties and interest.
How To Deduct Education Expenses?
If you’re self-employed and decide to further your education to benefit your business, you can write off your education expenses. To be eligible to claim the education expenses tax deduction, you must prove that the education:
Introduction to quarterly taxes for artists
Artists excel with imagination, but you can't take creative liberty when it comes to taxes. As a DJ, Etsy seller, or freelance designer, you need to file both state and federal taxes, as well as 1099 forms.
Is Paying Quarterly Taxes Mandatory?
The tax system in the US works on a pay-as-you-go basis, so the IRS collects income taxes throughout the year via payroll taxes. Ideally, when you file your tax return, you have already paid all of your taxes by the April deadline.
Can travel bloggers write off exotic vacations and fancy meals?
The life of a travel blogger is often envied by most people. As a viewer, it seems like travel bloggers live the ideal life where they can write off exotic vacations and fancy meals, however, the reality is a lot different.
Let's talk about deductions
Being self-employed has a lot of perks- you get to choose and make your own decisions, you choose your working hours, and you get to follow your passion. So, if you’re thinking about becoming a self-employed worker in the US, it is advantageous to have an overview of trends,
Top 15 tax deductions and benefits for the self-employed
As a self-employed business owner, you have probably pondered about ways to reduce your self-employment taxes. Most freelancers struggle with their taxes because every industry and career involves a different set of deductions.
Are work-related devices a tax write-off?
Over the years our reliance on technology has increased exponentially, especially related to conducting business. During the 2019 tax reforms, it was proposed that salaried (W-2) employees can no longer claim job-related deductions. However, this rule does not apply to self-employed workers.
Are business networking apps tax deductible | FlyFin
Making your name as a self-employed individual comes with several challenges, one of which includes building a network of people around you. While meeting new people can be difficult, it can be extremely beneficial to your business.
Tax tips for direct sellers
Working as an independent consultant or direct seller has become immensely popular in recent years. The IRS categorizes direct sellers as one of the following:
Is working from home tax deductible? | FlyFin
The year 2020 witnessed an explosive number of individuals working remotely because of the COVID-19 pandemic. However, most self-employed individuals have long since operated their businesses from the comfort of their homes.
Calculation over estimation, and why is it important?
As a freelancer, it is important to stay organized and to keep a track of all your expenses. However, most freelancers do not take deductions into account which often leads to overpayment. To learn about these deductions, read the article.
What's the Deal With Quarterly Estimated Taxes | FlyFin
Taxes for freelancers are excruciatingly taxing, unlike the W2-employees who have their taxes withheld when they get paid. Thus, freelancers have to make estimated tax payments (1040-ES) on a quarterly basis. Read to know more.
Child Tax Credit 2022: Understanding the Requirements & Benefits
The impact of the Covid-19 pandemic has affected both parents and children. Millions of Americans had to choose between parenting and a paycheck. During the pandemic, many children under the age of 18 lived below the poverty line.