9 steps I cross off the list before filing my taxes as a freelancer - Business Insider

Since I work with contractors, I have to file 1099-MISC forms and send copies to them no later than January 31 — so I've also finished this tax. If you have employees, you're required to report their earnings to the Social Security Administration on form W-3 and send each employee a copy of Form W-2 by the same deadline.: Starting at $50 per form if it's less than 30 days late, and up to $270 per form if you never file them at all.

If you use your personal vehicle for business purposes, you can take a credit of 54.5 cents per mile driven — but you have to have supporting documentation in case you get audited. There are a lot of apps available to help automate this process, but you can also do it manually with a spreadsheet or even a notebook.

If you have a home office or other part of your home that's used exclusively for business, also take photos of that space – that provides supporting documentation if you're taking a home office deduction. Also make sure to measure the space while you're at it, since you'll need that number for your tax return.

If you work for a gig economy company like Uber, Lyft, Postmates, or Airbnb, check your account for a tax summary that provides some of the relevant numbers you'll need to report income and expenses., allow adding funds for the 2019 tax year well into 2020. I'll be double-checking to make sure I've contributed the maximum amount for 2019, and adding more money if I haven't – this will both reduce the amount of taxes I owe and help set me up for success in the future.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Macy's retreats from the mall to focus on off-price, off-mall concepts - Business InsiderMacy's is turning its back on the mall and focusing on off-price stores and trendy lifestyle concepts to win over millennial shoppers
Source: BusinessInsider - 🏆 729. / 51 Read more »

Elon Musk SpaceX satellite business 'likely' to spin off, IPO: report - Business InsiderElon Musk's internet-satellite business is 'likely' going to spin off from SpaceX and go public, COO reportedly says
Source: BusinessInsider - 🏆 729. / 51 Read more »

Aurora CEO Terry Booth steps down, company cuts 500 roles - Business InsiderThe CEO of cannabis giant Aurora just stepped down and the company is cutting 500 jobs as turmoil hits the industry Every business has its highs. And then on the other end.... Imagine losing money selling drugs. Round 2.
Source: BusinessInsider - 🏆 729. / 51 Read more »

LinkedIn CEO Jeff Weiner is stepping down after 11 years - Business InsiderLinkedIn CEO Jeff Weiner is stepping down after 11 years. He will be replaced by Ryan Roslansky, currently senior vice president in charge of product.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Newsticker - News & Tipps von Business Insider DeutschlandTrending: Big Tech companies are getting older but they can still learn new tricks Is that fortnite. RIP old fornite map. Fortnite really streching for advertising
Source: BusinessInsider - 🏆 729. / 51 Read more »

TurboTax, tax-prep companies made $1 billion charging for free services - Business InsiderThe audit suggested juicing the ad budget for a free filing program, but it's unlikely to happen soon given years of deep budget cuts in the IRS. RobertSlateJr Fuckers
Source: BusinessInsider - 🏆 729. / 51 Read more »