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8 Crucial Tax Filing Tips For Freelancers

Allwork

who earn freelance income face confusing tax guidelines and difficult requirements for filing your own taxes. . It’s confusing and difficult, for most people, to know how you’re supposed to file your own taxes when freelance income has been earned from one-time jobs or contract work. . Contractors and other gig workers in the U.S.

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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

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It can also make things more complicated when it comes to filing taxes. Keep reading for tips for how to do taxes as a freelancer and make filing this year a little easier. Generally, the expenses involved in operating your business or side hustle can be tax-deductible. Becoming your own boss can change your life for the better.

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6 Commonly Overlooked Tax Deductions to Maximize Your Return

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“Can a dead person deduct medical expenses?” “Can ” These are just a few of the numerous requests Andy Phillips, director for the Tax Institute at H&R Block in Kansas City, Missouri, fields when tax time rolls around, as his clients muddle their way through what can and can’t count as a deductible expense.

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Who’s Stuck With The Bill?

Allwork

Often, the amount paid towards remote work expenses depends on whether the job is full time or freelance, and the seniority of the employee’s position. This can include the cost of a dedicated work laptop, printer, phone and internet. You’ll also most likely need some office stationary like files, paper, pens and staplers.

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Should I Use a Robo-Advisor to Manage My Investments?

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Although these services are usually more expensive than a straight robo-advisor, it’s still often less than meeting with a traditional financial advisor in person. You can access the platform 24/7 from your phone, tablet or computer. You’ll also have to pay the fund’s expense ratios. How do robo-advisors work?

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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

While dealing with lots of paperwork doesn’t rank as most HR professionals’ favorite task, proper recordkeeping for employee personnel files is a must for any organization. For example, the Equal Employment Opportunity Commission (EEOC) requires that employers must keep personnel records for one year. Why is that?

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

For example, under the original SECURE Act, businesses with fewer than 100 employees could receive a tax credit for up to 50% of their administrative costs if they offered retirement plans to their staff. For example, Congress included the provision of de minimis financial incentives in the SECURE 2.0 How does it do that?

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