Being a freelancer or independent contractor has a few advantages including setting your own hours and taking charge of your financial destiny. But unlike full-time employees, you’re totally responsible for paying all taxes from your earned income. Green Back Tax & Accounting in Richmond, KY, specializes in tax preparation services for the self-employed.
Independent contractors receive IRS Form 1099-MISC, which shows how much income a person earned from clients but doesn’t list the usual federal and state taxes found on a W-2 form. Businesses are required to provide this non-employee compensation record for amounts of $600 or more, and freelancers must file a tax return if the total income exceeds $400.
The income tax services team at Green Back Tax & Accounting are here for you to take the guesswork out of knowing how much tax you’re responsible for paying. The professionals use Form 1040-ES to calculate your estimated tax obligations based on how much income you earned during the previous year and whether you had taxes withheld from other employment income.
Typically, the self-employed need to make estimated tax payments four times a year to the IRS. Green Back Tax & Accounting will help you set up a quarterly payment schedule to ensure you’re on track when it’s time to file your federal and state income tax returns. Rather than paying one lump sum at tax deadline time, you’ll be all set thanks to their income tax services! If you end up owing the IRS, the tax filing experts will file an extension on your behalf.
You can also rely on the tax preparation and planning professionals at Green Back Tax & Accounting to help you claim the maximum deductions on Schedule C, which is used to calculate your net profits from self-employment income. From mileage to office and computer supplies, the experts are committed to identifying all your business expenses that are eligible for deductions. With their help you could get a higher tax refund!
If you’re self-employed, let Green Back Tax & Accounting's income tax service help you prepare accurate tax returns on time and in accordance with IRS guidelines. To schedule an appointment, call the accounting services firm today at (859) 623-0099. Visit the website to learn more about the wide range of available services.