Essential Tax Tips and Resources for Freelancers

Essential Tax Tips and Resources for Freelancers

Photo via Pexels

Freelancing offers many benefits, but it can also make your taxes more complicated. If you earn an income as a self-employed individual and work for clients on a contract by contract basis, it’s important that you file your taxes as a business owner. This is good news for freelancers looking to save some money at tax time by writing off expenses, but it also means paying some additional taxes. Planning ahead and staying organized are key to reducing your taxes and maintaining compliance with tax regulations. So here are some tips from HBS Financial Group to help you avoid headaches – and possibly an audit! View full post…

Posted: September 28, 2022
Under: Budgeting, Income Tax
By: Michael Stephenson
Read More... Please comment

Best Way to Do Taxes Yourself

Best Way to Do Taxes Yourself

Do You Want to Know the Best Way to Do Taxes Yourself?

The best way to do taxes yourself depends a lot on your knowledge of the current income tax code. If you’re a first-timer, just out of school, you might not want to tackle this job using a pen and ink, and then mail your return to the IRS and your state of residence.

If you have a very simple return such as a W-2 and bank interest, you can file your return for free at one of the do it yourself tax sites who offer that type of service. However, if you’re going to be using itemized deductions and/or other tax credits, you will not View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: October 22, 2021
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

How To Do Taxes When Self Employed

How To Do Taxes When Self Employed

How to Do Taxes when Self Employed – Top 3 Tips

With the massive loss of jobs due to the pandemic, many individuals joined the ranks of the self employed. They became known as gig workers such as an Uber driver, Instacart shoppers, delivering for Amazon, and many others. It meant you had to know how to do taxes when self employed, and these taxes became a little more complicated.

If you worked for an employer at their office, for instance, all required taxes were withheld from your pay and sent in to View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: September 17, 2021
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

Is There a Tax on Inheritance?

Is There a Tax on Inheritance?

Do I Have to Pay Tax on Inheritance of an Estate?

A very broad answer to this question is maybe. Before we go into an explanation as to when an inheritance may be taxable, let’s differentiate between an estate tax and a tax on inheritance. These are two separate and distinct types of tax that can sometimes be very confusing.

What is an estate tax?

Think of this as a two-tier level of taxation. When someone dies, an estate tax may be levied on the total value of what he owned at the time of his death. This includes cash, investments, real estate, and anything not covered by these View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: August 20, 2021
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

Is Your Tax Refund Forfeited?

Is Your Tax Refund Forfeited?

Are You Sure You Don’t Have a Tax Refund Due?

Usually when the tax filing due date arrives, most taxpayers breathe a sigh of relief. What most taxpayers don’t realize, that date will close the window for many on their ability to file a claim for a tax refund. READ THIS CAREFULLY: The IRS stated that for the tax year 2017, up to 1.4 million individual taxpayers lost their ability to claim a refund by missing the three year statute.

Those same individuals forfeited $1.35 billion in View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: June 11, 2021
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

Do I File a Tax Return in College

Do I File a Tax Return in College

Does a College Student Have to File a Tax Return? 

If you’re a college student, or about to become one, there are a few very important things for you to consider. The first is do you really have to file a tax return? If you do, who is going to do it? If you worked a part time job and had earned income, or maybe had some investment income, too, you probably need to file a return. But, wait.

Don’t just get some tax forms and file your return, or go View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: April 23, 2021
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

5 Safe Options to Pay Your Tax Balance

5 Safe Options to Pay Your Tax Balance

If I Owe the IRS, What Are My Options?

I know, I know…you go through a lot of stress just in preparing your tax return, but when you owe money also, it’s like getting kicked when you’re already down. Then if you happen to be short of cash, and can’t pay your tax balance in full, what is one to do?

Way back in the “old days”, when I was just starting out with my tax practice, if you had a balance due and didn’t pay it in full, the IRS came after you very quickly. As the years went by, and more and more taxpayers found themselves in that predicament, the IRS decided it was in their best interest to work with the taxpayer, and collect more money in the long run. View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: January 29, 2021
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

Speedy Online Tax Services

Speedy Online Tax Services

Online Tax Services Help to Avoid These 7 Tax Return Blunders

If there’s one thing that we can count on, it’s that tax laws are constantly changing. To help us to cope, the better online tax services, such as ours at HBS Financial Group, Ltd., offer assistance to avoid the seven most common tax blunders.

These mistakes are not only made by first time tax filers with a very simple return, but also by those who file more complex tax returns. It is our hope that listing these seven types of errors will help you to avoid them.

Failure to report all taxable income

This is probably the area that so many taxpayers fail View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: July 3, 2020
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

Filing My Tax Return Online

Filing My Tax Return Online

Filing My Tax Return Online or Use a Tax Preparation Service?

I’ve asked this question a few times, and depending on the individual, I’ve received a different answer. Those who knew more about taxes said filing my tax return online is the way to go. A few others who may not have known much about taxes, but were turned off by high tax preparer fees, agreed with them.

Others who doubted their ability to file taxes online said they would use a professional tax preparer. Some others said that a family member would prepare their taxes for them. They didn’t want the hassle and possible liability of an incorrect return.

Most all agreed and said that filing my tax return online made more sense. This method of filing your taxes has become View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: June 26, 2020
Under: Budgeting
By: Gust Lenglet
Read More... Please comment

Online Tax Preparation Made Easy

Online Tax Preparation Made Easy

Finally a Solution to Online Tax Preparation That Makes Sense

Now that you’ve decided to take advantage of the online tax preparation method of filing your income tax return, you need to select one of the tax vendors from the many listed in the search results.

You really need to select the one that will best supply your needs, and this will involve some research on your part. This guide may be of help to you as well. We’re assuming that you haven’t filed a tax return online before, so you may not be 100% certain on the services that you may need.

There are various factors to consider, as well as tax documents you need to have in hand before you start to look for an online tax filing service. Get all of your tax documents together such as W-2’s, 1099’s, and any other information that was sent to you.

If you’re not buying a home and don’t View full post…

Thanks for sharing our posts
LinkedInPinterestBuffer
Posted: May 5, 2020
Under: Income Tax
By: Gust Lenglet
Read More... Please comment

Sign up for new posts & relevant tax changes

We do not share your email address with anyone – ever.

Categories

Gust Lenglet – Platinum Author

Gust Lenglet Author

Legal Disclosure

Our firm provides the information in this website for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with a competent professional tax, accounting, legal, or other professional advisers. For information on how to use this data, you are advised to read our Legal Disclaimer page and our Circular 230 page.
HBS Financial Group, Ltd. © 1996-2022 All rights reserved.

Powered by WPMU Dev

All original content on these pages is fingerprinted and certified by Digiprove