29 Oct Tax Return Coral Springs, FL Tips for Independent Contractors
AT&T has recently announced a pilot program in which 3,000 of its workers will perform their daily work from home instead of going in to the office. This highlights the trend now that is storming through many industries. With the sluggish economy, companies are searching for ways to cut back on expenses and letting their employees work from home provides a very strong savings for your small business overhead.
The fact that many companies are now using internet-based services makes it very easy for workers to access all the necessary files and programs from their home computers. A recent study indicates that by the year 2016, approximately 30 million workers will work from home either as free lancers or as employees of large and small businesses.
Deductions for your Tax Return Coral Springs, FL
This creates a whole new class of workers who will be responsible to keep their own records of work-related expenses for their annual tax return. Coral Springs, FL is a beautiful community that truly lives up to its city motto: “Community of Excellence” and new people flock to the area every month because of the lovely weather and lush foliage. Areas like Coral Springs are becoming more and more popular to workers who can work from home.
Medical billers, customer service agents, and many other professions are very conducive to working from home, but taxes are higher for those who are self-employed. For the independent contractor, taxes are figured on the net amount of all self-employment income. Get your net amount by deducting any business expenses like computers, printers, and office supplies, from what you’ve earned. There are a number of other deductions you may be able to take such as fees for obtaining clients, advertising or part-time help.
For freelancers, the most difficult task may be to train yourself to keep every receipt. Even when you aren’t certain if an item is tax deductible, it’s best to keep the receipt just in case. You’ll have an easier time of locating these at tax time if you make a file for them and get in the habit of placing your receipts in the file each week.
When it’s time to file your taxes, it’s often best to seek the help of a qualified tax specialist. If you’ve never prepared a tax return before as a free-lancer, you may miss some valuable deductions or claim things that could get you audited.
Dealing with 1099 Misc.
Those who have spent their lives working for an employer may not be as familiar with the 1099. The last few years, the federal tax laws have changed regarding how to deal with 1099 income. Keeping track of your income is an essential part of filing your taxes properly. These records can be kept online, but actual paper copies of tax related documents should also be kept in your home office. Accurate record keeping takes some getting used to but it’s very important.
Hiring A Pro for your Tax Return Coral Springs, FL
Many free lancers don’t have the training to file their own taxes, and may make costly errors. Having a tax professional from Avalon Accounting do them for you will save time and money in the long run. You can sleep well at night knowing that your tax return was filed correctly and on time. When you consider the stress and expense of an audit, you will quickly realize that Avalon Accounting is your best bet.
Avalon Accounting works with you whether you’re an individual or small business, to help you receive every tax deduction you’re entitled to. We’ll help you get better organized so that tax time can be a breeze each year and offer up ways to save on self-employment taxes. Avalon Accounting is large enough to handle big, complex tax returns and small enough to give you friendly customer service.