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 the ability to speak to a live representative. Cost Effective If you have a basic tax situation then filing your federal will be free! State filing will cost something around 15 dollars generally. If you have a complex situation, like your own home business, there is an online service specifically for you! It is the most expensive package- but still a lot cheaper than visiting a Tax Prep office and having someone else … [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 can create a free account on the Shoeboxed website.  With a free account, you can forward any email receipts that you get that you want to save, plus you can also download the Shoeboxed app so that you can take pictures of any physical receipts you want to save and upload them to your Shoeboxed account.  You can also upgrade your account to a paid account - with a paid account,  in addition to sending email receipts and … [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 those posts!   We previously talked about writing off our Home Office Space and in that post we learned the IRS is very particular about being sure we use the space for our work and NOT for personal use. So what about the internet we use to work but also use to chat on Facebook, shop and play Farmville with? You will be glad to know the internet is a legit tax deduction for us Self-Employed Work at Homers. … [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 within that time-frame.   Establish an installment agreement - This is the easiest way to take care of your taxes when you can't pay the entire balance due right away.  … [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 your personal bills or make personal phone calls, the IRS does not consider the space tax-deductible. Your home office space must be a specified place with boundaries. While it is not required your space be in its own room, it is suggested you find a way to identify the borders of your office- maybe with partitions or furniture for example. The space must be the designated place where you do the majority of your … [Read more...]