File Your Work at Home Taxes- TurboTax

I have filed taxes using online software like TurboTax for  years. Even though I work from home and am self-employed- I find using TurboTax is easy! It walks me through deductions and seems fit to my exact situation. Unique Tax Circumstances My husband is a truck driver- so he receives a lot of unique tax deductions. I worried if trying to find these deductions with TurboTax would be difficult. But once again, it was not a problem at all. The program asks me a series of questions and guides me through the entire thing. There is extra help available as well- even … [Read more...]

Organize Your Tax Documents and Receipts with Shoeboxed

review of shoeboxed online storage

It's tax time, which means it's time to pull out that shoe box you've been saving your receipts in and start figuring out where to deduct your different tax deductions.  Don't you ever wish there was a better way to keep track of those receipts?  Well luckily, now there is.  The website Shoeboxed makes it a lot easier to keep track of your receipts and other documents you may need to save for income taxes.  This article will answer a few questions about Shoeboxed and explain how to use the website to keep track of your receipts. Is Shoeboxed a free site? Yes, you … [Read more...]

Can I Write Off My Internet Expense on Taxes?

Self Employment Tax Help

If you work online then it is obvious you have an expense of the internet! Now, you possibly would have already had that expense because you already use it for personal reasons. So can you write off your Internet Expense on Taxes? Let's discuss this subject and learn if you qualify for your internet expense to be a tax deduction and how much it could save you! I started this Tax Series months ago, trying to prepare us all for the what is now closely approaching!- The beginning of Tax Season! If you are an early filer, then now is a better time than ever to review over … [Read more...]

Options for Paying your Self-Employment Taxes

Written By: Erica Martin Tax time is just around the corner.  Hopefully you' re able to claim enough credits that you'll actually end up getting money back from the government.  But what if you end up owing money to the IRS?  The IRS expects your taxes to be filed and paid by April 15, but there's no way you'll be able to pay by that date.  Don't worry, you do have options when it comes to paying your balance due. Request an extension of time to pay - You can request an extension of up to 120 days (4 months) - however you must be able to pay your taxes in full … [Read more...]

Writing Off Your Home Office on Your Taxes?- What you Need to Know:

One of the most complicated parts to filing taxes as self-employed is knowing your tax deductions. A big write-off is your home office space and utilities used to maintain that space. But there are a lot of extremely important things you need to know before you use this valuable tax deduction!  Learn if you can write off your home office space, how to do so and the risks of doing so! First you need to understand what qualifies as a home office deduction: Your home office space must be a dedicated space for your business. If you even occasionally use the space to pay … [Read more...]

What is Self-Employment Tax? 2013 [updated]

Last time, we talked about how much money to set aside for your taxes which sparked a great discussion on Facebook. Many people working from home as an Independent Contractor do not realize us self-employed pay more taxes than we would as an employee! Now don't get too upset, you also get more write-offs to help counter this and the additional tax is also a deduction! Lets dig into this a little deeper so you understand what it means to be self-employed at tax time!   What is Self-Employment Tax? When you are an employee, you pay your usual Federal, State and … [Read more...]