So, here's the deal– we've got this cool mix of A.I. and a team of CPAs who really get what it's like to deal with 1099 forms for self-employed individuals. Whether you're a business owner or freelancer, you can kiss that tax season stress goodbye because FlyFin can handle the entire tax filing process. Vetting tax preparers can be challenging for any taxpayer, but finding someone who is an expert in self-employed taxes can be even harder. FlyFin's tax experts have years of experience with online tax filing and can answer any questions you may have about navigating LLC business deductions, paying S Corp taxes, whether you should e-file 1099 forms or how long tax refunds take.

When you connect your business expenses with FlyFin, our A.I. kicks into gear right away. It scours your expenses for every little business deduction you can write off on Schedule C, making sure you don't leave any money on the table. It even sorts everything into IRS categories! You can either accept or change categories to make sure things are right and help the A.I. learn. That way, when it's time to e-file your taxes, you'll be all set. The more deductions A.I. finds, the less you pay in independent contractor taxes. And get this– you don't have to hoard receipts or keep crazy spreadsheets. A.I. digs through your digital records, which is all the IRS needs. Claiming all the deductions you can is especially important when you're paying quarterly taxes. If you owe the IRS over $1,000, you have to make estimated tax payments throughout the year or pay a penalty. Business deductions also lower your taxable income which can, in turn, lower your federal taxes.

FlyFin has a built-in income tracker and tax calculator that helps freelancers and business owners keep track of their earnings and calculate independent contractor taxes. If you're self-employed, you've got the full weight of taxes resting squarely on your shoulders. Unlike employees who split the bill with their employers, you're on the hook for both parts—your share and what your employer would typically cover. Navigating self-employed taxes can feel like tackling a maze compared to regular income taxes. Once your earnings cross the $400 mark, you're in the freelancer tax zone. The tax rate is 15.3% on your earned 1099 income. This self-employment tax is made up of 12.4% for Social Security and 2.9% for Medicare. But wait, there's more! If you're hauling in a hefty income as a small business owner, you might face an extra 0.9% Medicare tax on any earnings over $200,000 for single filers or $250,000 for married couples filing jointly. It's a hefty bill to foot, so having a tax expert who knows what they're doing can help you plan ahead and avoid any surprises come tax time. There's also a quarterly tax estimator that easily totals your owed estimated tax liability. The estimated tax deadlines for 2024 are:

• Q1: April 15
• Q2: June 17
• Q3: September 16
• Q4: January 15, 2025

Having these tools in the app keeps you on track to file your return by the tax deadline, especially if you’re a small business owner running an LLC or an S Corp, or have multiple clients. Once the CPAs have checked out your tax situation and deductions, they'll send over a list of documents for you to safely upload. And don’t worry, it'll only have the essentials like 1099 forms and W-2 forms (if you have any).

Once you've handed over your necessary documents, it's like passing the baton to our CPA team—they're ready to dive into the nitty-gritty of preparing and e-filing your 1099 taxes. But don't worry, your part is a breeze. We'll just need a few details about your tax profile so our CPAs can customize their approach to fit your unique situation. Now, let's talk about the magic our tax experts work behind the scenes. They meticulously review every nook and cranny of your business expenses and deductions to ensure that your tax return is accurate. Why's that so important? Well, the more precise your tax return, the lower your self-employed taxes are, which means more savings for you and less chance of raising any eyebrows over at the IRS. And trust us on this one – catching any potential red flags now can save you a world of headaches when it comes to future tax returns. It's like planting seeds for a bountiful tax-saving harvest down the road. Once our team has worked their magic, they'll send you a review of your return within a maximum of two days. You've got two options here– want to sit down with one of our tax preparers for a real-time rundown of your return? We're all ears. Prefer to give it a once-over on your own before the tax deadline? That works too. Either way, when you're happy with what you see, it's just a click away to e-sign your return, and you're done! Tax season is officially in the rearview mirror for another year.