@hrblock: 5 tax hacks for freelancers👇🏽 Don’t spend all that freelancer money. With freelance income, you’re responsible for setting that money aside to pay taxes. Not sure how much to pay, setting aside a third of any #freelance income is a good rule of thumb. 💰 Keep your business records separate from personal. Try opening a new bank account that you use only for depositing business income and for expenses- this can help you prepare your tax return faster or in the unlikely case of an #audit. 🏦 Take advantage of #deductions. You can deduct ordinary and necessary expenses for your freelance work, including office supplies to miles you log in between visiting clients. 🫰🏻 Report all your income. If you earn $600 or more from any one source, that person or company is required to file form 1099 with the IRS detailing how much they paid you. 📨 Don’t be afraid to ask for help. Filing taxes as a freelancer can get complex. Enlisting the help of a tax professional can be a good idea to help you maximize deductions and avoid mistakes that could trigger penalties – and unnecessary headaches – later on. Get matched with a tax pro that's right for you and your #tax situation at H&R Block. 🟩

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Sunday 07 April 2024 22:11:44 GMT