This year, tax day falls on April 17. That means we’re just a few weeks away from filing time, so it’s important you stop procrastinating. Even if you’re unable to pay the full amount owed, the more proactive you are about preparing and documenting your taxes, the more likely you are to work out a payment plan.These three tips can help you make the most out of a stressful situation.
1. Get your paperwork together. You need access to certain documents in order to file your taxes. By now, your employers should have sent you your W-2s. If you are an independent contractor, make sure that you know where all of your 1099s are. These forms are a necessary component of the filing process. In addition, make sure to collect any receipts or documentation that will assist you in citing deductions.
2. Don’t just wing it. Independent contractors are responsible for familiarizing themselves with the tax rules and regulations that impact their work. Tax preparation software like Intuit and TurboTax can make things easier, but they’re also notorious for skipping deductions. If you aren’t a tax expert and are new to working on your own, it’s important that you team up with a trusted tax preparer.
3. Remember: you aren’t alone. Working as an independent contractor can leave you feeling isolated like you’re the only one in your specific situation. That isn’t the case. Millions of Americans are working side gigs and are facing similar tax challenges just like you. Help is available in many forms. Here at Equinox Business Solutions, our goal is to make filing taxes easy, stress-free and efficient. We’ve helped hundreds of independent contractors access major deductions while complying with all federal and state guidelines. We can help you do the same. Visit our website to learn more.