As you may already know, tax reform has changed taxes for the majority of taxpayers beginning with tax year 2018. And if you took the plunge into self-employment in 2018, you may be wondering how the new tax law affects you. Check out our infographic below to find out about key tax changes and facts about being self-employed.
While there are some new tax changes for self-employed beginning in 2018, don’t worry about remembering all of the tax law changes. TurboTax Self-Employed has you covered and is up to date with the latest tax laws so that you receive all of the self-employed tax deductions and credits that you’re eligible for.
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Lisa Lewis is a CPA and the TurboTax Blog Editor. Lisa has 15 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. Lisa also has been a TurboTax product user for many years and understands how the software program works. In addition to extensive tax experience, Lisa also has a very well-rounded professional background. She has held positions as a public auditor, controller, and operations manager. Prior to becoming the TurboTax Blog Editor, she was a Technical Writer for the TurboTax Consumer Group and worked on a project to write new FAQs to help customers better understand tax laws. She could also be seen helping TurboTax customers with tax questions during Lifeline. For Lisa, getting timely and accurate information out to customers to help them is paramount.
Has TurboTax been updated to take the qualified business income deduction, sec 199A?
if self employed/Independent contractor uses car to and from work site. I believe cannot deduct mileage expense. Can they deduct depreciation on car? and other expense?
When will personal/biz software be updated so that QBI from a partnership K-1 will flow direct to Line 9 on Form 1040?