Reminder: Although the tax year 2020 tax filing deadline has been extended to May 17, 2021, the tax year 2021 quarterly estimated tax deadlines remain the same for solopreneurs and small businesses. The first 2021 quarterly estimated tax deadline is April 15, 2021.
Hey, solopreneurs: taxes and chill?
In partnership with Create & Cultivate, we hosted a digital event, Taxes & Chill, to answer top self-employed tax and finance questions. If you weren’t able to watch the live event, have no fear! We’ve still got the resources you may have missed at the ready to make sure you are ready to tackle your taxes and finances confidently HERE.
Catch some of our favorite highlights from the #CCTaxesandChill digital event and a recap of what you missed below, and be sure to head to the event website to catch up on all of the #SolopreneurTaxTips and finance resources that will help you this tax season (and beyond).
As you watch, remember that you don’t need to worry about knowing all of the tax laws as you do your taxes, TurboTax Live Self-Employed has you covered. It will ask you simple questions about you and your business and will search for every tax deduction and credit you qualify for based on your entries.
TurboTax Live Self-Employed is the perfect tax solution for freelancers, independent contractors, and small business owners. No matter how you want to get your taxes done, whether you need just a little help or if you want to fully hand your taxes off, you can feel confident your taxes will get done right with the help from TurboTax Live tax experts.
Taxes & Chill: Money and Tax Talk Resources
Finances First: Money and Tax Management Tips for Start-Ups, Content Creators, and Solopreneurs [Roundtable Discussion]
Want to learn how to prioritize your finances and receive answers to all of your solopreneur tax questions? Check out our favorite moments from this roundtable discussion with Brittney Castro (Certified Financial Planner for Mint and the CEO and founder of Financially Wise), Lisa Greene-Lewis, Grace Atwood, and Katie Sands, moderated by Megan Beauchamp in the clip above, and remember that you can still watch the full roundtable discussion HERE to hear the panelists discuss:
- How to tackle self-employed pain points such as income variability, tracking expenses, and staying on track with finances
- Top tax and finance tips for start-ups, side-hustlers, and entrepreneurs
- How different types of business entities affect a solopreneur’s tax and financial situation and how to choose what to classify yourself as a self-employed person
- Top tax deductions for self-employed people that are commonly missed and how to better prepare for tax season
- Actionable financial goals entrepreneurs can set to create transformative wealth not only for their business
Side-Hustle to Fully Self-Employed: Finance and Tax Tips to Help You Transition [Workshop]
Ready to make the leap from side-hustle to fully self-employed? Even if you weren’t able to watch live, watch our favorite highlights from this workshop in the clip above and catch up on the full working session HERE with Lisa Greene-Lewis and Brittney Castro to learn how to set yourself up for success from a finance and tax lens. Be sure to download the workshop assets Brittney and Lisa shared HERE and follow along as they talk through the following finance and tax tips:
How to Prepare
- Establish your business type
- Separate biz and personal bank accounts
- Budget for yourself and your business
- Goal setting
- Set up your health insurance and retirement plan
- Grow an emergency fund
How to Plan
- Pay yourself
- Pay your quarterly estimated tax payments
- Pay your self-employment tax
How to Prosper
- Track income & expenses
- Review your financial plans
- Use tools and expert help to lower your tax bill
Pivot to Profitability: Financial and Tax Planning to Strengthen Your Business Foundation [Roundtable Discussion]
How do you build businesses in “the new normal” and learn guidelines for effective goal-setting? Watch highlights from Pivot to Profitability above and then dive into the full roundtable discussion with Brittney Castro, Lisa Greene-Lewis, Aleksandra Zee, and Julie Solomon, moderated by Ashley Dunn.
- Tax and financial advice and resources for self-employed and small biz who pivoted their business model quickly due to COVID-19
- Financial and tax tools and tips that can help curb spending and help solopreneurs save money
- Steps entrepreneurs can take to make sure their taxes and finances are on the right track coming out of that pivot and how they can ensure they are set up for success in future
- How to invest in yourself and your wellbeing as a self-employed entrepreneur or small business owner
COVID-19 Resources and Guidance for Small Biz and Self-Employed [Workshop]
Miss the live event? You can still watch the full live working session dedicated to COVID-19 relief, including tax implications and resources available for the self-employed, featuring Lisa Greene-Lewis (CPA and tax expert, TurboTax). Be sure to also download the workshop assets Lisa shared HERE so you can follow along as she discusses:
- The American Rescue Plan
- The Coronavirus Response and Relief Supplemental Appropriations Act
- The CARES Act
- The Families First Coronavirus Response First Act
- Self-Employed Tax Credit for Sick Leave
- Self-Employed Tax Credit for Family Leave
- Small Business Tax Credit for Paid Sick Leave
- Small Business Tax Credit for Paid Family Leave
- The Pandemic Unemployment Assistance (PUA) program
- Federal Pandemic Unemployment Compensation (FPUC) program
- Pandemic Emergency Unemployment Compensation (PEUC)
- TurboTax Self-Employed Coronavirus Relief Center
- TurboTax Coronavirus Tax Center
- Tax Credit Estimator
- TurboTax Live Self-Employed Experts