Karla Dennis’ Post

Freelancers Get Tax Deductions 💃🏾 If you’re a freelancer, you are a business owner and it’s time you start acting like it! Don’t miss out on tax deductions available to you. Follow & Share This Post For Free, Daily Tax Tips✅ #taxtips #freelancer #entrepreneur #smallbusinessowner #selfemployed #karladennis #kda

Understanding the 1099 Form: Key Points for Freelancers and Independent Contractors If you’re a freelancer or independent contractor in the U.S., the 1099 form is crucial. Here's what you need to know: What is it? The 1099 form reports income from work you did as a non-employee. Companies are required to issue this if they paid you $600 or more in a year. Tax Responsibilities: You’re responsible for paying self-employment taxes, including Social Security and Medicare, on this income. Keep Records: Accurate bookkeeping is essential. Track all your income and expenses to minimize your tax liability. Filing taxes with a 1099 can seem tricky, but it’s part of running your own business. Stay informed and organized to avoid issues down the road. #1099 #TaxSeason #Freelancers #IndependentContractor #SelfEmployed #TaxTips #SmallBusiness #1099NEC #IRS #TaxReporting #BusinessTaxes #GigEconomy #TaxForms #IncomeReporting #Accounting #Finance #1099MISC #Entrepreneur #TaxCompliance #FinancialPlanning

Did you know that as a self-employed worker, you may be eligible for a tax credit that could put money back in your pocket? Whether you're a freelancer, contractor, or running your own business, this credit could make a significant difference to your bottom line. The tax credit, based on self-employed net earnings in 2020 and 2021, can be up to $32,220. Wondering if you're eligible? The criteria may surprise you, and it's worth checking! Drop a comment or DM me if you want to learn more about how you can take full advantage of the Self-Employed Tax Credit or alternatively check out the link in the comments below to get a quick estimate of what you may be eligible for. https://lnkd.in/eP5DW6yR #1099 Contractors #SelfEmployed #SmallBusiness #Freelancer #TaxCredit #TaxSavings #Single Member LLC #Sole Proprietors

Are you a self-employed individual whose income was impacted by COVID-19 in 2020 or 2021? Don't miss out on the Self-Employed Tax Credit (SETC) - a non-repayable tax credit of up to $32,220 designed specifically for those with Schedule C income. Whether you're a sole proprietor, contractor, freelancer, or gig worker, the SETC can provide vital financial relief. My team handles the entire process for you, so you can get your money in as little as 15 days after approval. Almost everyone who filed Schedule C qualifies, so contact me today to maximize your benefits with minimal hassle. ##SelfEmployedTaxCredit #SETC #COVID19Relief #SmallBusiness #Freelancer #ContractorLife #SoleProprietor #ScheduleC #TaxCredits

Cooler Days, Hotter Deductions! 🔥 The season's changing, and so are your tax opportunities. Don’t miss out on valuable deductions if you're a freelancer, business owner, or self-employed. Let’s make sure you're maximizing your savings this tax season! 📞 Contact Taxit Financial Services for a consultation today! #TaxTips #TaxDeductions #Freelancer #SmallBusiness #SelfEmployed #TaxSeason #TaxSavings #TaxitFinancialServices

Did you get your tax return yet? We hope your happy with the number you see! 💸 Here are 9 tips for freelancers filing taxes. Get yourself setup for success along the way so your not scrambling during the next tax season. ✅ If you also need help with your accounting, we have freelance accountants for that! 🗒 Send us a DM so we can connect you with the right one 📩 #freelanceaccountant #taxreturn #filingtaxes #freelancetips #freelancer

🚨 Reminder: September 16 is the Last Day to Pay Your Estimated Taxes! 🚨 Attention, business owners and freelancers! Don't forget, September 16th is the deadline for your Q3 estimated tax payments. Missing this deadline could mean penalties, so make sure you're on top of your financial game! Need more tips and updates like this? Send us a DM to subscribe to our newsletter—we promise not to spam you, just valuable insights and reminders to keep your finances on track! #EstimatedTaxes #BusinessOwner #FinancialTips #Taxes #IRS #Freelancer

No longer a 30 day alert but rather a one week reminder! If you are a company that pays quarterly estimated taxes, this reminder is for you! Wondering how to to figure estimated tax? Find out and learn more at: https://lnkd.in/dT3-bva #IRS #EstimatedTaxes #Taxes #Deadline

Struggling with tax filing as a freelancer? Here's how you can organize your finances for a smooth tax season! 1) Get a separate bank account for your freelance income and expenses. 2) Set aside money in a separate savings account for tax payments. 3) Keep all your documents organized in one place for easy access during tax filing. 4) Understand what expenses can be deducted and consult a tax professional if needed. 5) Estimate your tax liability and make quarterly payments to avoid penal interests. 6) If you're unsure, consult a tax professional for guidance. Have any questions? Let me know in the comments! TaxBuddy.com #IncomeTaxReturn #ITRfiling #FreeLancer

Two ways to reduce your corporation tax bill for LTDs: 1. Expense everything possible No dodgy business, but everything associated with your work should be paid direct from your business account. Keep all records in case of HMRC investigations. Study what is and isn't considered an expense, and ask an accountant if unsure. Expenses will reduce your corporation tax by reducing your profit. 2. Pension contributions If you receive a salary from your LTD, you are classed as an employee and can set up employer contributions from your LTD to yourself. I spoke to my accountant yesterday and she said it's imperative those contributions are classed as employer contributions to ensure you receive full tax relief which is higher than if you make personal contributions. Pension contributions also reduce your profit and your corporation tax bill. Freelancers are being squeezed on dividends tax and on all fronts really. Make sure you're making the most of what's available to you. 🔔Follow along for more freelancer tips #freelancerlife #freelancers #financialfreelancer #freelancefinance #limitedcompany #corporationtax