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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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How to File Your Taxes for FREE in 2021

Want to file your taxes for free? You can... but you'll want to make sure you don't end up paying to "free-file." There are a lot of free tax prep programs available…and there are many that start out as free but then hit you with fees when it’s time to file. Here we’ll take a...

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Save Money on Taxes: Make Your 2020 IRA Contribution Through April 15, 2021

UPDATED FOR 2021 You still have plenty of time to lower your 2020 tax bill. For a win-win, make an IRA contribution for 2020. You can go with a currently tax-deductible traditional IRA or the Roth IRA (which is not deductible this year but offers many other advantages). As long as you put the money in by April 15,...

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Two Education Tax Credits Put Big Money Back in Your Pocket

UPDATED FOR 2021 Paying for college is crazy expensive - even when it's mostly online. And if you’re footing the bill for more than one education, your finances are probably stretched pretty thin. Two tax credits can help put more money back in your pocket: The American Opportunity Tax Credit and the Lifetime Learning Credit....

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Help! I Got IRS Notice CP-2000

How to handle tax notices from the IRS You just got a letter from the IRS. Your first reaction may involve panic… and that can lead to not dealing with the letter at all. Avoiding that IRS notice could end up costing you a lot of money. So take a breath, grab the letter, and...

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