Skip to main content

HOW TO FILE YOUR TAXES AS A FREELANCER: A BEGINNER'S GUIDE TO FILING TAXES

 Tax forms look simple at first glance, but a closer look reveals that they're more complex than a mad scientist's to-do list or the instruction booklet for an inter dimensional portal. Regardless of their complexity, we all have to file our taxes. The great equalizer in America is that no matter who we are, we're all required to report to the IRS what we earned each year. In addition, every so often, freelancers have to file. The IRS has a lot of information about freelance tax forms available at IRS.gov, but it can be difficult to understand how to fill out taxes. Finding information on tax forms that is straightforward and comprehensible is exactly what freelancers and self-employed individuals desire. Freelancers and self-employed individuals can go through the most common tax return forms that apply to their work. 


  



MOST COMMON TAX RETURN FORMS THAT APPLY TO FREELANCERS AND SELF-EMPLOYED INDIVIDUALS   

The forms for the 2021 tax year from IRS are up-to-date for the 2022 tax year, so you can find the answers to the question, 'What documents will I need to file my taxes for 2022?' Here are the most up-to-date forms for 2022. You can find the answers below. 


  1.  1040-ES - You must report your quarterly income tax payments using the Form 1040-ES, which stands for estimated taxes. You must file the Form 1040 in conjunction with the 1040-ES to report your yearly income tax. The 1040-ES breaks down your yearly income tax liability into quarterly payments. The amount of estimated tax you owe for the year may be calculated using the 1040-ES. It is easy to calculate the estimated amount of tax liability you will incur for the year if you do not have your taxes withheld by your employer. The form includes federal taxes, state taxes, and social security taxes, in addition to your regular paycheck. 
  2. Everyone who is self-employed must fill out the Schedule C 1040 form. You can attach it to your 1040 Form or submit it electronically. 
  3. The SE tax form is for self-employed people. It is not to be confused with the Schedule C form, which is filed by small business owners. 

How to file taxes? 

Here is a basic tax return checklist that covers a wide range of issues.  

  • You'll need your tax ID number, your bank account and routing number, and a record of your dependents' birthdays and social security numbers. 
  • If you got W-2s, you'll need those digits.  
  • You'll also need to report any mortgage payments you made.  
  • You also must report all of the 1099s you received, which include social security and interest income. 
  • You'll need your quarterly tax payments if you made them. You'll also need to report any crypto transactions.  
  • To record your work-related or other expenses, you'll need a record to keep.

Summary - FlyFin utilises a state-of-the-art A.I. to track all of your business expenditures for you. Anyone can use FlyFin to file their taxes, not just freelancers! The CPA team will file an absolutely accurate tax return for you, saving you thousands of dollars and lots of time. 

Also Read - FORM 1040: WHAT IS IT, AND HOW TO FILL IT?


Comments

Post a Comment

Popular posts from this blog

7 POINTERS FOR PAYING QUARTERLY ESTIMATED TAXES

  Thousands of Americans each year neglect to file their taxes on time, pay the associated fines, and pay interest fees. They need to recognize the significance of IRS tax deadlines, which is why this occurs. This blog post may be of interest to you if you fall under this category of the taxpayer because it offers advice on how to pay quarterly taxes while averting penalties and interest successfully. Self-employment income is recorded on Schedule SE .  How to do it successfully is explained in this post. However, everyone may pay their taxes with ease if they follow these straightforward tax recommendations, which are basic. Be aware of the deadlines; estimated quarterly taxes are due this month! Maintaining track of your debts as tax season gets underway is crucial. It can also be very perplexing and overwhelming. We wrote this post with it in mind. The dates to remember when paying quarterly estimated taxes are shown below. Taxes Are Due on April 15 for the Current Quarter ...
Post a Comment
Read more

An Overview of Estimated Deductions: Here’s All You Need to Know

  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...
Post a Comment
Read more

Key IRS Tax Forms Every Taxpayer Needs to File

Document Paying income tax can seem overwhelming for American taxpayers, as there are dozens of forms, and each consists of several sections. Most people use tax filing software or work with tax accountants to simplify the filing part. But, before we get there, you need to understand various IRS tax forms that taxpayers with a certain income or specific sources of income are liable to submit. Let’s check out the 2022 tax forms . Form 1040 and Form 1040-EZ The standard two-page long tax return form consists of the details about your filing status, income, and dependents. You don’t necessarily need a job to be liable to fill out Form 1040. Even those without a source of income can file this form if they are eligible for tax credits and refunds.  This is a complicated version of Form 1040-EZ (for senior citizens), but it allows you greater flexibility and many deductions. You can itemize deductions and save more on your taxes. Form 1040-EZ is f...
Post a Comment
Read more