Essential Tax Tips and Resources for Freelancers

Essential Tax Tips and Resources for Freelancers

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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
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Are Scholarships or Grants Taxable Income?

Are Scholarships or Grants Taxable Income?

Are Scholarships or Grants Taxable Income?

I don’t need to remind you how expensive a college education has become over the past few years. As a result, more and more students have had to rely on scholarships or grants to help lower these very high costs for higher education.

The son of one of my friends attended Carnegie Mellon View full post…

Posted: February 25, 2022
Under: Income Tax
By: Gust Lenglet
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Filing Your Own Taxes As An Independent Contractor

Filing Your Own Taxes As An Independent Contractor

Filing Your Own Taxes As An Independent Contractor

If you’re the type of individual who likes to make your own decisions, be your own boss, and willing to work the hours necessary to succeed, then being an independent contractor may be just for you. Many of this type of worker begin with a side gig to a full time job. When filing your taxes as an independent contractor, you’ll find they may be more complex.

Besides the added complexity to your taxes, you’ll also have more responsibilities, especially if you hire employees View full post…

Posted: February 11, 2022
Under: Income Tax
By: Gust Lenglet
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Do Your Own Income Tax

Do Your Own Income Tax

How To Do Your Own Income Tax Moving Out of State

Are you thinking about moving to a different state, or maybe you already spend a lot of your time in more than one state? Some do this to take advantage of a better job opportunity or being closer to a family member. Others who are retired might be looking for a state where the taxes are lower. In any case, if you do your own income tax, it might get more complicated. View full post…

Posted: February 4, 2022
Under: Income Tax
By: Gust Lenglet
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Do Your Taxes by Yourself

Do Your Taxes by Yourself

Do You Know How To Do Your Taxes By Yourself? Learn From These Simple Tips

You’ve finally taken that big step and have retired. You look back and realize that you’ve been paying a lot of different taxes all throughout your working years. Most taxes have been paid on your wages like federal and state income taxes, social security tax, and Medicare tax, but now, some of that will change. When you do your taxes by yourself, they might View full post…

Posted: January 28, 2022
Under: Income Tax
By: Gust Lenglet
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Doing Taxes By Yourself

Doing Taxes By Yourself

When Doing Taxes by Yourself Where Do I Report Cryptocurrency?

Many of you heard the term cryptocurrency a few years ago, and may have wondered if you were on a different planet. No, it’s not real currency backed up by gold bullion, but a virtual currency. Before we get into our main topic of how and where to report crypto transactions when you’re doing taxes by yourself, we need to digress a little. View full post…

Posted: January 21, 2022
Under: Income Tax
By: Gust Lenglet
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Do Your Taxes Yourself

Do Your Taxes Yourself

Do Your Taxes Yourself Like A Pro With The Help Of These 10 Tips

It’s hard to visualize taxes as being romantic in any way. But, they are a part of life, and now that you’re married, you can still do your taxes yourself. When you were single, taxes were a bit different, and now, as a newly married couple, you’ll be faced with more changes.

Don’t feel bad though, every married couple goes View full post…

Posted: January 14, 2022
Under: Income Tax
By: Gust Lenglet
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How To File Your Taxes by Yourself

How To File Your Taxes by Yourself

How To File Your Taxes By Yourself & Avoid These 4 Filing Mistakes

Time and again, many taxpayers make the same errors when filing their tax returns. Every error doesn’t mean that your return will be pulled for an audit, but it’s best to make sure you’re as accurate as can be. Knowing how to file your taxes by yourself isn’t hard either.

Making these common mistakes may delay a much needed refund, especially if the IRS mails you a notice and you mail a response back. Besides, some errors may lead to View full post…

Posted: January 7, 2022
Under: Income Tax
By: Gust Lenglet
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File Taxes for a Deceased Person

File Taxes for a Deceased Person

File Taxes For A Deceased Person Like A Pro With The Help Of These 6 Tips

When a family member dies, there are a few unpleasant tasks that need to be done. Last, but not least, is someone has to file taxes for a deceased person, usually a final return. Yes, the old saying that death and taxes are the only things in life that are certain, is so true. In this case, they both happen at the same time.

A federal return needs to be filed showing View full post…

Posted: December 31, 2021
Under: Income Tax
By: Gust Lenglet
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Filing Your Own Taxes Online

Filing Your Own Taxes Online

Filing Your Own Taxes Online Like A Pro With The Help Of These 2 Tips

The 2020 tax year is almost over as we approach the October 15 extension filing date. Now is the time for tax planning for the 2021 tax year that is rapidly approaching. Covid and its variants are still causing problems for many and inflation is also rearing its ugly head. If you’re filing your own taxes online, you need to be aware of changes for this year.

Tax credit advance payments for those with children are being sent, and many remote workers have not returned to View full post…

Posted: December 10, 2021
Under: Income Tax
By: Gust Lenglet
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