File 1099 taxes in minutes

With a unique combination of AI and a CPA team that understands the complexities of how to file a 1099 for self-employed individuals, freelancers and independent contractors, FlyFin is one of the best tax filing services that changes the online tax filing game for self-employed individuals. Together, AI and CPAs take the work and the stress of how to file taxes away from taxpayers and save them more on taxes than in previous years.

Step 1: AI finds every tax deduction

The moment a self-employed person clicks the button to connect their business expenses, FlyFin's powerful AI gets started searching automatically for every deductible business expense. AI catches even the smallest write-offs — we're talking about the notepad you needed for that meeting or the eyeliner you bought to do a product test - because every write-off counts.

The more deductions AI finds, the lower your taxable income is, and the less you pay in taxes. And, AI becomes your trusted bookkeeper, assigning each deduction it finds to an IRS category based on over one million tax rules the federal tax agency has. You can accept or recategorize to ensure accuracy and help AI learn over time, so when the tax filing deadline 2024 arrives, you're as ready as humanly (and AI-ly) possible.

The best part? AI looks at digital records of every purchase you made for your business, so you don't need to save your receipts all year long or keep elaborate spreadsheets. All the information you need for filing taxes is accessed digitally by AI, and those digital records are all the IRS will ever require for verification.

If you're a freelancer or self-employed individual, knowing how to file 1099-NEC forms and forms for tax filing is much more complicated than taxes for employees of a company, which is why we built FlyFin to do the work for you.

Step 2: Upload only the necessary documents

After a thorough review of your tax profile and deductions, the CPA team sends you a list of the documents to securely upload so they can carry out the e-filing income tax process for you and prepare your tax return. The list is comprehensive, so there's no risk of leaving anything out, but it's also a list of only the necessary documents, so you don't spend any more time gathering information than you need to.

If you have a question about a document or where to find it, or about the last day to file taxes 2024 or when can you start filing taxes 2024 for example, the team is a click away. Just log in to the app anytime to ask a CPA any question.

Step 3: CPAs prepare and file your state and federal returns

After you've provided the necessary documents, the CPA team takes the reins to begin the process of preparing and submitting your income tax filing. All you have to do is answer a few questions about your tax profile, so CPAs can tailor their approach to your individual tax situation.

The CPA team reviews all your business expenses and deductions to ensure 100% accuracy in your income tax filing. The most accurate possible tax return makes your taxable income as low as possible, so you can save as much on your taxes as possible and avoid anything on your return that would attract the attention of the IRS. Pro tip: a red flag now can have implications for several tax returns in the future, which means being careful now helps you maximize your tax savings in the long run.

With a maximum turnaround time of two days, the team sends you your forms for tax filing to review and sign-off. You'll be invited to meet with a CPA to go over the return together in real time, or you can review it on your own. Either way, when you're happy with your return, you'll be asked to e-sign it. And that's it, you're done with taxes for the year.

Step 4: CPAs e-file your tax return

FlyFin only practices e-filing income tax, because the reasons for this affect whether your return gets accepted or rejected. Filing paper forms allows for points in the process where errors can occur, like tax forms being lost in the mail or not making it to the IRS for some reason (it happens).

But the beauty of living in the digital age is that there's very little room for error. When you're e-filing income taxes, you can rest assured that your tax return is accurate, secure and successfully filed.

If for any reason, the IRS contacts you after online tax filing for more information about your return, the free audit insurance that comes with your FlyFin plan means our CPA team protects you. The team acts as your point of contact with the IRS, handling every request and answering every question, so you never need to worry if you're saying the right thing or making a mistake that could get you into a difficult situation.

When can you start filing taxes 2024?

In 2024, you can typically start filing taxes in mid to late January, depending on when the IRS officially opens the season. By this point, most employers and financial institutions have sent out essential tax documents like W-2s, 1099s, and mortgage interest statements. Once you have these in hand, you can file right away.

Say you freelance part-time and earn a regular salary. By early February, you should have both your W-2 and any 1099s you need, so you can either file or start working with your tax preparer to ensure you don’t miss any deductions. Filing earlier can also speed up your refund, as you’ll avoid the last-minute rush closer to the tax filing deadline 2024. And when is the last day to file taxes 2024? April 15th.

What are the main forms for tax filing?

For individuals filing taxes, the main form is Form 1040. If you’re a wage-earning employee, you’ll receive a W-2 from your employer, which you’ll use to complete your return. If you’re self-employed or earn income outside of a traditional job, there are some other forms for tax filing you need to know about.

Schedule C is where all your 1099 income and expenses will be reported. Schedule SE is where you’ll calculate your self-employment tax when you’re tax filing 2024. If your tax liability is expected to be over $1,000, you should use Form 1040-ES to calculate your quarterly payments. If you’re wondering about when can you start filing taxes for 2024, it’s usually at the end of January.

Is there a penalty for not filing taxes?

If you’re not filing taxes on time, you can face a “failure-to-file” penalty from the IRS. This penalty is pretty significant, costing you 5% of your unpaid taxes each month, up to a maximum of 25% of your unpaid balance.

Suppose you owe $1,000 in taxes and miss the tax filing date without an extension. If you wait five months to file, you’d end up paying a $250 penalty on top of the original tax balance, even if you eventually pay off the $1,000.

In addition to this penalty for not filing taxes, interest starts to accrue on any unpaid balance, which compounds the longer you wait. So you should still file by the tax filing 2024 deadline to avoid the penalty, even if you can’t pay in full. In many cases, the IRS allows payment plans, which can help you manage your tax burden over time.

When is the last day to file taxes 2024?

The last day to file taxes for 2024 is April 15. This date is important because it’s the deadline for filing without incurring late filing penalties. Missing the tax filing deadline 2024 without filing an extension means you may be hit with both penalties and interest on any unpaid balance, which can add up. Filing taxes early is helpful if you have a straightforward return and are expecting a refund, as the IRS usually processes returns faster earlier in the season.

Is there a penalty for filing taxes late?

There is a penalty for filing your taxes late, and it can be costly if you miss the deadline without an extension. The IRS charges a late filing penalty of 5% of the unpaid taxes for each month your return is late, up to a maximum of 25%. If you owe taxes and miss filing by two months, for example, you could end up with a 10% penalty added to your bill.

This penalty is separate from any interest charges on your unpaid balance, which also start accruing immediately after the tax filing deadline 2024. So if you owe $500 and don’t file until two months after the deadline, you could be looking at a $50 penalty, plus any added interest. The best strategy is filing taxes on time, even if you’re unable to pay right away.

How to file taxes as a small business?

For small business owners, filing taxes means reporting your business income and expenses to calculate the correct amount of tax due. If you’re a sole proprietor, you’ll likely use a Schedule C form to report your profit or loss, which you’ll attach to your personal tax return. This Schedule C lets you deduct business expenses like office supplies, advertising and utilities.

Let’s say you own a small online store selling handmade crafts. You’ll report all the money you made from selling your products and subtract eligible expenses like shipping, packaging, and advertising. If your business is an LLC or S Corporation, you’ll have additional tax filing 2024 requirements, such as filing Form 1120-S if you’re an S Corp.

You can always hire a CPA to help you with your tax filing online, and deduct those fees as a business expense! For small businesses, the last day to file taxes 2024 is April 15th.

How to choose between tax filing services

Picking the right tax filing service comes down to how complicated your taxes are and what you’re willing to spend. If your return is pretty straightforward—say you’re just reporting income from one job—a basic online tax filing service will likely do the trick without much hassle. But if your situation is more complex, like if you’re self-employed, or run a small business, it might be worth considering an online tax filing service like FlyFin, which is designed specifically for your tax situation.

If you’re a freelancer juggling a few 1099s and some investments, FlyFin can help you find all the right deductions, one-on-one advice tailored to your situation, and take over filing taxes for you. As with everything, make sure to do your research and consider your budget.

What are the benefits of tax filing online?

Online tax filing has some big benefits, starting with speed and convenience. When you e-file, your return gets to the IRS faster, and they process it more quickly, which means if you’re due a refund, you’ll likely get it in a few weeks.

Compare that to income tax filing with a paper return, which can take over six weeks just to process. Most online tax services also guide you step-by-step, checking for errors along the way, which is helpful if you’re not a tax pro.

If you’re still confused about how to file taxes or you’re new to the whole taxes thing, e-filing is the perfect way to ease your way into it.

What are the estimated tax filing dates?

If you’re self-employed, a freelancer, or business owner, you probably need to make estimated tax payments throughout the year to avoid a big bill when income tax filing. These payments are due four times a year: April 15, June 15, September 15 and January 15.

Each payment should cover roughly a quarter of what you expect to owe for the year, based on your earnings so far. This setup helps the IRS get its share regularly, which is especially important if you don’t have taxes withheld from your paychecks.

Imagine you run a small business and have calculated that your total tax for the year might be around $4,000. Instead of waiting until April, you’d aim to pay $1,000 each quarter. This way, you’re keeping up with taxes as you go, and you’re less likely to be hit with an underpayment penalty when tax filing 2024.

Many people set aside a portion of each month’s income to cover these quarterly payments, making it easier to keep up without scrambling for cash. You can also pay electronically, just like tax filing online.

Do I get a refund faster if I file taxes online?

Filing taxes online is usually the quickest way to get your refund. When you e-file, the IRS processes your return faster than if you send in a paper return by mail. Most e-filers who choose direct deposit when tax filing 2024 will see their refund in about three weeks, sometimes sooner. On the other hand, mailing a paper return can slow things down by several weeks since it has to be entered manually by the IRS, which adds to the processing time.

Online tax filing also helps reduce common errors that can lead to delays; like math mistakes or missing information, making it more likely that your return is accepted on the first try. If you’re expecting a refund, electronic filing and direct deposit are the fastest ways to get your money back in your account, so you can start using it right away.

Can I file by the 2024 tax filing deadline without 1099 forms?

You can still file your taxes by the tax filing 2024 deadline even if you haven’t received all your 1099 forms, although it’s always best to wait if you know one is coming. If you’re missing a 1099, you’re still legally required to report all income when tax filing online or by mail.

You’ll need to rely on your records to estimate what you earned. So if you did freelance work and haven’t received a 1099-NEC from one of your clients, check your payment history or bank deposits to determine how much you were paid.

Say you had a client who paid you but hasn’t issued a 1099 by April. You can use your records to report your income, even if the form hasn’t arrived. This way, you stay compliant and avoid penalties for underreporting. If you end up receiving the 1099 after filing by the 2024 tax filing deadline and there’s a discrepancy, you can always amend your return to correct it. Filing an extension can also give you more time to gather any missing documents, as long as you remember that the extension is only for filing, not for paying any taxes owed.