Mathisan FwD’s Post

The most stressful part of being a freelancer is paying taxes. Here’s what I do: - Prepared / organised - Save 25% of earnings - Use a business account - Hire an accountant - Invest any extra Simple process = No stress

Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks. We can help take the headaches out of your business accounting. Read our blog on the Accountants247 Golden Green website > https://lnkd.in/eMCJW8Zb #accountants247goldersgreen #tax #smallbusinesstips #expenses #accounting #accountant #goldersgreen

Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks. We can help take the headaches out of your business accounting. Read our blog on the Accountants247 Urmston website > https://lnkd.in/eeHRYGEQ #accountants247urmston #tax #smallbusinesstips #expenses #accounting #accountant #urmston

Want to know the freelancer secret to turning work expenses into tax savings? Like other businesses, freelancers are also entitled to deduct costs directly tied to their work, such as office furniture or travel expenses for client meetings, from their earnings. Here’s your compass for tax deductions and expenses: As a freelancer, you’re entitled to deduct expenses incurred wholly and exclusively for your work, as per the Income Tax Act 37 Read here: https://lnkd.in/dSdB55G4 ✅ Deduct Work Expenses: Office items and client travel costs can reduce your taxable income. 🚫 Avoid personal costs: Only work-related expenses count; personal buying activities don’t qualify. 💼 Depreciate Over Time: Spread out the cost of long-term assets like laptops for yearly tax relief. 🔍 R&D Deductions: Money spent on research can be deducted, boosting your business’s growth and innovation. Keep these pointers in mind to make smart tax moves and maintain a financially sound freelance business. #Tax #Freelancer #Business #finance #Taxnotice

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

Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks. We can help take the headaches out of your business accounting. Read our blog on the Accountants247 Surbiton website > https://lnkd.in/eu2Mq8wP #accountants247surbiton #tax #smallbusinesstips #expenses #accounting #accountant #surbiton

S Corp can be a big tax savings upgrade for freelancers, fractionals and solopreneurs but the process comes with a lot of confusion. Clear the air and learn more about why it can makes sense as well as the steps needed to level up an LLC. Spoiler alert, many LLC's save $10K or more in taxes... #selfemployed #scorp #LLCvsSCorp #solopreneur #fractionalwork https://lnkd.in/gwdpmmY9

Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks. We can help take the headaches out of your business accounting. Read our blog on the Accountants247 website here > https://lnkd.in/efxB53SP #accountants247 #tax #smallbusinesstips #expenses #accounting #accountant

🚨 Freelancers, are you making these common mistakes when filing your quarterly taxes? 📝 Don't let these errors catch you off guard: ❌ Missing Deadlines ❌ Underestimating Income ❌ Forgetting to deduct expenses ❌ Not setting aside money for taxes Staying on top of your quarterly taxes is key to keeping your finances in check and avoiding penalties. 💡 Need help navigating the process? Let’s talk! #freelancers #quarterlytaxes #taxplanning #selfemployed #taxseason #taxtips #taxmistakes #smallbusiness #taxsavvy #businessowner #irs #taxdeductions #taxhelp #accounting #bookkeeping #taxcompliance #incometax #entrepreneur #gigworker #sidehustle

Freelancers, don’t get caught off guard by self-employment #tax! 💸 - As a freelancer, you’re required to pay self-employment tax, which covers Social Security and Medicare. You also pay income tax on your earnings. Since taxes aren’t withheld from your payments, you’ll need to make estimated quarterly payments to the IRS to avoid penalties. Keep track of income, expenses, and stay on top of those quarterly payments!💃🏾 Comment any questions you have below & SHARE with a friend♻️ #freelancer #selfemployed #businessowner #entrepreneur #taxtips #taxexpert #llc #karladennis #kda