You asked and we created. We know doing taxes as an independent business is a drag so we’re here to make it easy.
Check out our comprehensive tax checklist and DIY instructions, available now on our blog and if you missed it, watch our webinar all about making this year tax season simple with financial consultant @Geily Romero .
Here’s a little sneak peak below ;)
Personal tax forms and numbers
☐ Any 1099-INTs you’ve received—these come from banks, brokerages, etc.
☐ Any 1099-DIVs you’ve received—these come from investments, retirement accounts, etc.
Banks may mail or email these to you, or post them on your account under “Documents”, Tax Documents”, “E-Documents”, etc.
☐ Any additional (personal, not under your business) 1099-NECs you’ve received for miscellaneous freelance/subcontractor work. These will be associated with your personal SSN, not your business EIN.
☐ 1099-K, if you’ve received one for third-party network transactions.
☐ 1099-G, if you’ve received unemployment or local income tax refunds, etc.
☐ Property tax information. If you entered this info under the “Home office” section, it’ll carry over the info and give you the proper deduction for the non-business portion of your home.
☐ Any charitable donations. You’ll need the name of the 501(c)(3) organization, the dollar value of the donation, and a donation receipt.
☐ Any 1098-E or 1098-Ts. If you’ve paid any money towards tuition, student loans, etc.
☐ Any medical expenses
☐ Estimated taxes. Each quarter, you’ll file a Form 1040-ES and submit your estimated taxes. To do this, just take last year’s federal tax due and divide by 4, then pay these equal amounts by the quarterly due dates throughout the year. You can file online at sites like pay1040.com, etc. If you are concerned about this process, be sure to speak with an accounting professional.
Enter the quantities you paid and the dates submitted. Don’t include any online credit card fees you might have paid for filing/submitting.
☐ Retirement/Investments such as a Roth IRA. If you’re financially able to, you should consider contributing the maximum—it isn’t taxed when you take out the funds when you retire!
☐ Any moving expenses, accountant fees (or the price of the TurboTax software), etc.
