Paying your quarterly estimated obligations and tracking your business expenses is vital to staying on top of your taxes. Many freelancers struggle with their quarterlies — over 53 million people in the US are freelancing and 75% are overpaying on taxes. This is because they don’t consider deductions while calculating their expenses. Can you believe that three-fourths of freelancers are overpaying their taxes?
Claiming business deductions can be confusing with the already tedious tax process, but with FlyFin, you can save money come tax time. Here’s a breakdown of how FlyFin helps you with your quarterly taxes:
Organization is one of the fundamental elements of managing quarterly taxes. Mulling over spreadsheets and searching for receipts can be a hectic process. FlyFin can ease your burden. Their AI-powered Quarterly Tax Calculator works around the clock and scans all your expenses to provide you with the most accurate deductions. At the same, it’ll ensure that you don’t have to pay a penny more than what you actually owe.
There seems to be a lot of confusion with self-employment taxes. . FlyFin helps bridge the gap between freelancers and IRS tax policies by making the entire process simple and efficient.
Once you’ve linked your account, FlyFin automatically scans through your transactions and classifies all the expenses under the following categories:
However, the tough part is that every line of work is different.
To determine whether an expense was meant for a Personal or Business Requirement, the A.I. will ask you to either Accept or Reject the expense for Business needs. If you’re ever unsure about any expense, you can swipe up and seek consultation from a CPA.
Even if an expense may seem necessary, it might not be considered deductible by the IRS. Therefore, it is essential to distinguish business expenses from other expenses such as cost of goods sold (COGS), capital expenses, and personal expenses.
You can eliminate 98% of your work simply by linking all your expense accounts. A.I. detects your expenses, so you no longer need to keep track of bills and receipts.
With the quarterly tax calculator, you can easily review the deductions, and eliminate a major chunk of your work. The A.I. asks you some basic questions to accurately calculate quarterly tax payments in a matter of minutes. Some questions might include:
With FlyFin, you can bid goodbye to spreadsheets. FlyFin is not only powered by A.I. but also backed by CPAs to provide you with the most accurate tax review.
What’s more, you get a detailed tax report prepared by CPAs, which includes all category-wise expenses and an in-depth summary of your deductions. You can even file your taxes directly through FlyFin with the help of the CPAs or you can export data in the IRS format to file elsewhere.
As mentioned earlier, FlyFin can file your taxes with the help of a CPA, or you can export them to file elsewhere. You can file State and Federal taxes directly through FlyFin.
Since the tax payments are due on a quarterly basis, FlyFin will remind you of the due dates two weeks in advance to make sure your taxes are accurately calculated and filed on time.
Expense tracking is essential, but relying on traditional bookkeeping methods can be hectic and lead to underpaying or overpaying your taxes. Thus, automating your expenses is the most efficient way to lower your taxes and maximize your savings.