Category: Single Mom CPA

Earn Extra Money – $50 or More – While Sitting on Your Couch

Your situation feels impossible: You need to earn extra money to take care of your family. But you feel stuck because you can’t afford to pay for more childcare. So many of us - single moms especially - find ourselves in exactly this position. We desperately need a way to bring in more cash.  But...

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Tax FAQ for Tax Year 2020

Q: When are my taxes due? A: May 17, 2021 is the due date for individual tax returns – Form 1040 – and making 2020 income tax payments. But there are other due dates you may need to know too: April 15: 1st estimated tax payment for 2021 April 15: income tax return for C corporations Q: Is...

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How to Make Estimated Tax Payments and Avoid IRS Penalties

UPDATED FOR 2021 So many people – especially newly divorced single moms and first-time freelancers – end up in tax trouble for one common reason: They don't realize they need to make estimated tax payments.  So if you: Started a business Have a side gig Got unemployment Work from home as a freelancer Have any...

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Self-Employment Taxes: Here’s What You Need to Know

More and more people - especially single moms -  are working multiple jobs or side gigs to make ends meet. But not all of those jobs come with a “normal” paycheck, the kind with taxes taken out. And that's why you need to know about self-employment taxes. When you work as a freelancer or independent...

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How Freelancers, 1099 Workers, and Self-Employed Can Deduct 20% of Business Income

Did you know that you can deduct 20% of your business income on your personal tax return? You can, thanks to the Tax Cut and Jobs Act (TCJA). The TCJA brought a lot of tax changes for small business owners. And if you're self-employed, a freelancer, contractor, or had any 1099 income - even from...

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How To Fill Out Schedule C If You're Self-Employed

If you're self-employed, work as a freelancer or contractor, or have a side gig, you are a business. And that means you'll need to fill out Schedule C as part of your federal income tax return. When you use Schedule C, you can deduct business expenses against the money you earned to lower your income......

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