The April 15th tax deadline is almost here, but whether blogging, renting a room, car, or driveway, TurboTax is the perfect tax partnership for freelancers.
Side businesses and “sharing economies”, such as Lyft and Uber, are on the rise, allowing you another way to make money, but you may be wondering if there are any money saving tax tips and easy ways to get your taxes done. Here are 3 quick tips to help you make it across the finish line.
Gather Your Tax Forms
- 1099-Misc – If you are a contractor or freelancer your income will typically be claimed on this form.
- 1099-K – Freelancers working in the new sharing economies like Lyft, Uber, or Airbnb may see this form from merchants and financial institutions that collect customer payments via credit and debit card.
- 1099-Int – If you received interest from savings or investments, you will get a 1099-INT.
- 1098 – If you own a home and have a home loan you will receive this form which shows the amount of mortgage interest you paid and can deduct. It may also show any points and real estate taxes paid. Information from this form may be helpful when claiming the home office deduction.
- 1098-E – If you paid student loan interest it will be reported on this form. You can deduct up to $2,500 in student loan interest paid.
- 1098-T – If you paid for college education eligible education costs will be reported on this form.
- Reporting income from shared economies or a new side business may be new to you, but TurboTax easily walks you through filing your taxes for your new business.
- You can file from the convenience of your own home and even start on your mobile device and move across devices to finish and there’s no waiting in line. Time is money and the ability to file on line yourself gives you more time for your business and family.
- Just in time for the tax deadline, Intuit has introduced QuickBooks Self-Employed, enabling freelancers, contractors and home-based entrepreneurs to handle the important tasks of tracking income and expenses and paying quarterly tax payments. This includes the ability to transfer all your business data to TurboTax Home & Business to make doing your taxes even easier!
Don’t Forget Business Related Expenses
- TurboTax will remind you of all of the money saving tax deductions related to your business like the home office deduction, business mileage, and travel, but have your receipts ready when you sit down to file your taxes.