Dozens of tax credits, deductions, and adjustments can reduce your bill or increase your refund, whether you’re paying student loans or saving for retirement.
Things like missing the tax deadline, failing to report all your income, and not taking the right tax breaks are all simple mistakes that can cost you big time when you file your return.
Taxes for freelancers and the self-employed can be complicated. But if you keep careful track of your expenses, you could save a ton of money by deducting things like insurance, equipment, mileage, and even your accountant’s bill from your taxes.
An audit happens when the IRS flags your tax return and reviews it for accuracy. In all, you have about a 0.6% chance of being audited. Things like high income and unusual deductions can increase your risk of getting flagged.
TurboTax Self-Employed is a tax software for freelancers, contract workers, and small business owners. While it costs a little more than the competition, its features make it super easy to file your return quickly and accurately.
If you have an escrow account that covers your property taxes, contact your lender. Without an escrow account to cover this expense, you’ll need to pay the bill out of pocket, or take advantage of any payment plans available.
While you can pay your taxes with a credit card, each of the three methods requires a ~2% fee, which cancels out most rewards points benefits. It may still make sense in other cases, like reaching a spending threshold to trigger a welcome bonus or taking advantage of 0% APR.
From your internet bill, your car mileage, your your cell phone, and even your college classes, there are tons of deductions you can take as a business owner.
Tax refunds are taking longer than usual this year. If you’re still waiting for the money to appear, it’s important to track your refund!