Business Tax Prep Checklist for Freelancers, Contractors, and 1099 Workers

Gather all of your business tax information here, and the hardest part of doing your taxes is done. Whether you DIY your taxes or go to a tax pro, this is what you’ll need to have on hand. Copy of last year’s tax return Your business tax ID number (if different than your Social Security number) Business bank statements Business credit card statements Business loan statements Business financial statements: Balance Sheet and Profit & Loss Statement IRA or other retirement plan contributions made during the tax year Self-employed retirement contributions Self-employed health insurance premium payment records HSA (Health Spending Account)…

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2019 Tax FAQ’s

2019 Tax FAQ’s

Got tax questions? I have the answers. All of those confusing changes in the TCJA (Tax Cut and Jobs Act) have led to some unexpected outcomes – like teeny, tiny refunds or surprise tax bills. Plus, the forms that were supposed to be “postcard-simple” are confusing even for the experts. I’ve been getting a lot of questions this year – and expect I’ll get a lot more. If you have any questions that aren’t answered here, add them to the comments and I’ll answer as soon as I can. You can also contact me here. Here are the questions I’ve…

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Save $2,000 Using Head Of Household Tax Status…Here’s How To Qualify

Save $2,000 Using Head of Household Tax Status…Here’s How to Qualify

Updated for 2019 You can save more than $2,000 on your tax bill by checking one little box: Head of Household status. That’s why you and every eligible single mom should claim Head of Household (HoH) status… to keep that income tax bill as low as possible. Using this filing status can save you hundreds, maybe even thousands, of dollars on your income taxes. For one thing, the standard deduction using HoH status is $18,000. If you file as single instead, it’s only $12,000. So with HoH, you automatically pay taxes on $6,000 less for a minimum tax savings of…

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How To Handle Mistakes On Your Taxes – It’s Easier Than You Think!

How to Handle Mistakes on Your Taxes – It’s Easier Than You Think!

A lot of single moms get freaked out by the thought of doing their own taxes. All the rules and forms and schedules feel confusing and overwhelming. And the fear of getting it wrong and getting in trouble with the IRS drive a lot of women to professional tax preparers. But here’s what most people don’t realize: Professional tax preparers make mistakes on clients’ tax returns much more often than you’d think. The truth is that it’s very easy to make mistakes on your income tax return, and it happens all the time. Sometimes it’s a missed signature, sometimes it’s…

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How To Get A $10,000 Tax Break For Your New Business

How to Get a $10,000 Tax Break for Your New Business

It costs money to get even the simplest business up and running from scratch. And if you're like most aspiring single-mom entrepreneurs, you're bootstrapping your business without much cash to spare…and not much money coming in. You need every possible break you can get. And that's where two special $5,000 tax deals come in. You have to be in business to have business expenses…it's one of the main rules of tax law. But during the start-up phase, you're shelling out money even though you're technically not in business yet. That's why organizational and start-up costs are supposed to be treated…

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