Are you a self-employed freelancer, contractor or home based entrepreneur? If you are, then you have your quarterly taxes due by September 15th. Why do you owe taxes? As a freelancer or someone who provides their own service for an income, you don’t have your taxes taken out of your paycheck like most employees do. That means you as a self employed individual need to make sure you pay the same amount of taxes as if you had taxes taken out automatically. If this is all new to you, let’s talk about some information that might be important for you to know.
So let’s get a little bit of background on what you need for each quarter in order to do your taxes successfully. For each quarter, you must fill out form 1040. Form 1040 is where you calculate and record your income, tips, social security tax, and Medicare tax. The IRS has it set up as a “pay-as-you-go” system, so as you make an income, they will require you to pay taxes on that income you make in each quarter. That is what the form 1040 you have to fill out is for. In order to fill out the 1040, you need to have some basic information. The information you need include your financial records, mileage log, out-of-pocket expenses, personal expenses paid from your business account, and any 1099’s. All of this information is important so your tax forms can be filled out accurately.
At Harvest Tax and Accounting, you can trust us to do all of your taxes and bookkeeping needs. All of our employees are certified and have plenty of experience dealing with taxes. We know how hard and complicated doing taxes can be. Running a business should be easy, and we want to make it easy for you. We want you to not have to worry about doing taxes so you can focus on running your business and keep making more income. So hire us to do your taxes. Our team wants to do the work for you. We guarantee the most accurate and reliable services and we make you, the small business owner, the priority. We make it our duty to know every detail required to make sure your business is covered when it comes to taxes.
With more than 45 years of combined experience, the team at Harvest Tax & Accounting has seen it all. Our team takes the time to give you the information that is most relevant to your business right now and we explain taxes in a way that is easy to understand. To learn more about how your small business can benefit from our services, especially when it comes to your quarterly taxes due, schedule your free consultation today.