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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?


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