The World's first A.I. tax engine for freelancers.

 Taxpayers need to file the tax form 1040, which is often accompanied by Schedule C — a form used to report profit or loss from your business. People running a small business as sole proprietors or partners with limited liability need to file Schedule C with their income tax return forms. The main purpose of Schedule C is to help taxpayers calculate and show their net profit or loss for the calendar year.  Simply put, a self-employed taxpayer has to file a Schedule with tax form 1040 to report their earnings and expenses for the financial year. You can use Schedule C-EZ, a shorter and less complicated version of Schedule C. However, you need to report spending above $5000 for the calendar year to use this form. You can hire an accountant to fill out the tax returns Schedule C or use tax prep software. What’s on the Schedule C Form? The form consists of sections that ask about your personal information, such as business name, gross sales, the total cost of goods sold, your inc...

  When filing your income taxes yearly, you should choose between standard or itemized deductions. Both help you lower your taxable amount, although the methods are totally different, and the amount you can save from these deductions also varies. A standard deduction is the easiest way to calculate the total deduction amount, while itemizing your deduction is a complex process but it can be really helpful for those who have to list multiple expenses that fall into the itemized deduction category.  Let’s understand each method, and later we will show you how the estimated deductions work and how much you can save on your taxes using both methods. Standard Deduction Vs. Itemized Deduction The IRS declares a specific amount you can deduct from your income tax every year, depending on the current inflation. That’s called the standard deduction. The amount varies for everyone — depending on your filing status. For example, it’s different for singles and married couples filing join...

  Individuals filing a form W-2 or a simple 1040 tax return form can probably complete the tax filing process on their own. There are many tax prep software apps that can simplify the procedure, but if you are filing a complicated tax form or more than one form, it makes sense to leave the job to someone who specializes in this field. An accountant knows the ins and outs of the tax return regulations and all the IRS tax forms 2022 . Below are some good reasons you must hire an accountant for this tax season.  You do a Side-Hustle Self-employed individuals need to file 1099 tax forms. If you have a side hustle, you must file multiple tax forms showing your income from different sources. Having a professional on your side is quite a relief, as they can handle your taxes seamlessly. You may not know about the standard and itemized deductions, but a professional does. They can explain the benefits of each and help you choose the most appropriate deduction.  You get a Notice f...

  Also known as the information tax form, the series of form 1099s are used to report your income from different sources. These forms are to be filled out by self-employed individuals. Those who work for an employer get a form W-2 where the employer specifies the tax amount they have withheld from the monthly paycheck. Form 1099, on the other hand, comes in different categories, each listing information about various sources of income and the taxable amount. You can use the 1099 tax calculator to figure out your dues for the year. IRS 1099 Form IRS 1099 forms refer to the collection of tax documents that are filled out and filed by businesses, freelancers, independent contractors, sole proprietors, and others who do not get paid by an employer. The taxpayer fills the 1099 form with appropriate information and sends a copy of the same to the IRS. The IRS uses this form to calculate your total earnings for the year, how much you have earned from different sources, and whether you ar...

 When the due date for filing tax returns arrives, people panic and hire an accountant to do the tax part, as tax credits, deductions, different forms, and the electronic filing method seem pretty overwhelming. This year, the IRS established 31st July as the final date for submitting tax returns. Whether you use tax prep software, hire an accountant, or do your taxes on your own, it is important to file the tax returns before the last date.  Those who fail to file or pay their income tax are subject to a fixed penalty, which is often charged with interest. The more you delay your tax, the higher the penalty will be. To make the process easier, we have curated a checklist of the documents needed to file the ITR. Check out this list, gather all the required documents, and file your income tax returns on time. Personal Information Your personal information consists of the details that help the IRS identify you. Whether you are filing alone or a joint tax return as a couple, you a...

  If you often get confused between form 1040 and 1099, you are not alone. There are dozens of IRS tax forms, and most people must file more than one tax return form annually. It’s quite common to feel overwhelmed with so many forms. In this post, we have curated a list of tax forms that every taxpayer must know. Form W-2 You get Form W-2 from your employer annually. It shows the total taxable amount that your employer has withheld from your salary. This form is important to know your annual taxable income, your earnings for the calendar year, and the amount withheld. Your employer also sends a copy of this form to the state authorities, IRS, and social security administration.  Form W-4 The Employer’s Withholding Allowance Certificate is drafted by someone who has joined a new company or has experienced a major change in their life that affects their taxable income. This form tells your employer how much tax they should withhold from your salary. Read the instructions carefu...

  Filing a tax return is quite challenging for individuals and businesses. Whether you are self-employed or have a permanent job at a reputable company, filing the right IRS tax form is pretty overwhelming for everyone who has to report taxable income.  What makes it even more difficult is the fact that there are tons of IRS forms, each for different purposes, and each has unique information. The IRS also makes amendments to these forms every year to incorporate new changes in the tax policies. Fortunately, the Internal Revenue Service has made these forms quite easy to read and file, so there’s nothing to worry about. The question is, where to get tax forms ? Can you print these forms on your own? Let’s find out. Where Can You Get IRS Tax Forms? You can contact the IRS customer support service on 800-829-1040 and ask them to share the income tax returns form on your email. Get blank tax forms from reputable tax software providers. Use IRS Free File Program to get different ty...