Last Minute Tax Tips for Self-Employed Filers

Self-Employed

With warmer weather comes the end of tax season: the deadline to file your taxes is Tuesday, April 18th. Between work, family and everyday responsibilities, it’s possible to leave your taxes for the  last minute. But that doesn’t mean you have to stress out!

Here are some last minute tax tips to help you through the process pain-free.

Gather your documents in one place. When you sit down to file your taxes make sure you have all the necessary documents like W-2s, 1099s, receipts or other records for applicable expense deductions, and mortgage interest. You must report all your sources of income to the IRS on your tax return, even if you didn’t receive a 1099-Misc form for work you performed in 2016. If you were close in estimating what you would owe when you completed Form 1040-ES and made those quarterly payments on time, you shouldn’t owe the IRS much (if any) additional tax.

Forget filling out hand-written forms. TurboTax Self-Employed will help you easily file your taxes and help you uncover business tax deductions you didn’t even know were possible.  TurboTax Self-Employed can also figure out and generate your estimated quarterly payment vouchers automatically when you prepare your taxes.  TurboTax Self-Employed also comes with QuickBooks Self-Employed so you can start tracking your income and expenses, mileage, and capturing your receipts year round.  So if you use QuickBooks Self-Employed for year-round financial management for your business, the program will also figure out your estimated taxes.

Keep a record of all your estimated tax payments. You will need to enter estimated taxes when you file your taxes.

Double-check important information. Always go back over your tax return to make sure you deducted  business expenses you were entitled to. Look for differences between your estimated expenses at the time you completed Form 1040-ES and what they actually turned out to be. If you were off in your forecast for either income or expenses, you can adjust going forward into the new year.

Look into tax deductions you didn’t know were possible. Working in the on-demand economy or as a freelancer allows you to take tax deductions you would not be eligible for as a W-2 employee. To help make sure your side gig is profitable, take advantage of business expense deductions, like start-up costs, computers, vehicle expenses, and computers with TurboTax ExpenseFinder™, which will uncover potential tax deductible business expenses that self-employed filers may not know they can claim.

Know you’re not alone.  If you have a tax question while you are doing your taxes, you can connect live via one-way video to a credentialed CPA or enrolled agent to get your toughest tax questions answered when you need it with TurboTax SmartLook™.

With TurboTax Self-Employed you don’t need to know about tax laws or forms. TurboTax Self-Employed will ask simple questions about you and your business and help you organize and separate your business and personal expenses and give you the business deductions you deserve so you can save money for your business.

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