Working at home on your own schedule can be both a tremendously fulfilling and frustrating experience for novice and seasoned solo entrepreneurs alike. Whether you’re a freelancer for multiple companies or running your own business, juggling multiple sources of income, accounting for countless expense categories, and figuring out your estimated quarterly tax payments can be a headache. Fortunately, there’s a new software program designed to change all that, and that's bSolo. Launched in July 2018, bSolo is made just for solo entrepreneurs, … [Read more...] about bSolo Review – The Smart Tax Assistant for Solo Entrepreneurs
Health insurance and medical expenses are complicated. Having to navigate both your own taxes and own health insurance premiums without much external help can be a nightmare if you’re disorganized. Fortunately, the IRS offers many advantages for self-employed folks when it comes to paying for your own health policies instead of having an employer subsidize these expenses for you. While the federal government is currently debating how to overhaul both the U.S. tax code and health insurance legalities, here are the most-recent guidelines on … [Read more...] about 5 Things You Need to Know About Deducting Health-Related Expenses When You’re Self-Employed
Taxes are complicated for just about anyone. But, for contracted workers, freelancers, and self-employed individuals, filing taxes can be downright nightmarish. While it helps that income taxes are changing and the standard deduction is increasing for 2018, there are still multiple hurdles to filing and paying taxes each year. If you or your accountant realize you might need to start making quarterly payments, also known as “estimated payments”, on your taxes due to income not being withheld, then here are a few crucial things to know … [Read more...] about How to Start Filing Quarterly Taxes as a Freelancer
With a stroke of a pen, the president signed the new tax reform law into existence. The law, which is formally known as the Tax Cuts and Jobs Act, takes effect on January 1, 2018. The act will mean millions of businesses and consumers will see their taxes change for the 2018 filing cycle. The law is widely known to reduce the corporate tax rate from 35 percent to 21 percent. Many individual income brackets change as well. So how can you save on your taxes for next year? How You Can Save on Taxes Standard Deduction Taxpayers have the option … [Read more...] about Taxes Are Changing – Find Out How You Can Save on Your Income Taxes
When it comes to income taxes, many people experience confusion as it is not always an easy topic to understand. They don't know how to claim an income tax refund. During the tax year, you may find that you have not paid enough income tax and that you, therefore, owe money to the government as a result of this. However, it also works the other way. You are eligible to receive an income tax refund when you have paid more tax to the government than your actual tax liability. In this article, I will talk about the basics of claiming a tax … [Read more...] about Getting Back Your Money – How to Claim an Income Tax Refund
According to a recent Nasdaq survey, 41% of Americans who received a tax refund in 2016 put that money into savings. While 38% used the money to pay off debts. Just 5% of Americans splurged on a big purchase. But, what should you do with your income tax refund? Should you pay off debt or invest?
Just like how receiving a big tax refund isn’t always a big deal, putting that money towards something that’s more “entertaining” than “responsible” isn’t always a bad option either. What you should do with your income tax refund depends on your … [Read more...] about