Do Your Own Taxes

Business Tax Prep Checklist for Freelancers, Contractors, and 1099 Workers – Single Mum, Parents Article

Gather all of your business tax information here, and the hardest part of doing your taxes is done. Whether you DIY your taxes or go to a tax pro, this is what you’ll need to have on hand. Copy of last year’s tax return Your business tax ID number (if different than your Social Security number) Business bank statements Business credit card statements Business loan statements Business financial statements: Balance Sheet and Profit & Loss Statement IRA or other retirement…

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The 20% Deduction And Other Tax Changes for Freelancers, Contractors, and 1099 Workers – Single Mum, Parents Article

The Tax Cut and Jobs Act (TCJA) brought a lot of changes for small business owners – and that includes freelancers, contractors, and anyone with 1099 income (even if it’s a side gig). The biggest of those changes is a 20% deduction on self-employed business income. That means you will only pay income tax on 80% of your qualified business income. The 20% deduction is for income tax only. Self-employment tax is still based on 100% of your business income.…

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How To Fill Out Schedule C For Your Freelance Business – Single Mum, Parents Article

If you work as a freelancer or contractor – even if it’s a side gig – you are a business. That means you can deduct expenses against the money you earned to lower your tax bill. To do that, you’ll complete an extra form called Schedule C as part of your tax return. If you use tax software, it will do all of the math for you – but you still have to enter all the correct information. If your…

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2019 Tax FAQ’s – Single Mom CPA™ – Single Mum, Parents Article

Got tax questions? I have the answers. All of those confusing changes in the TCJA (Tax Cut and Jobs Act) have led to some unexpected outcomes – like teeny, tiny refunds or surprise tax bills. Plus, the forms that were supposed to be “postcard-simple” are confusing even for the experts. I’ve been getting a lot of questions this year – and expect I’ll get a lot more. If you have any questions that aren’t answered here, add them to the…

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Save $2,000 Using Head of Household Tax Status…Here’s How to Qualify – Single Mum, Parents Article

Updated for 2019 You can save more than $2,000 on your tax bill by checking one little box: Head of Household status. That’s why you and every eligible single mom should claim Head of Household (HoH) status… to keep that income tax bill as low as possible. Using this filing status can save you hundreds, maybe even thousands, of dollars on your income taxes. For one thing, the standard deduction using HoH status is $18,000. If you file as single…

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