Are You Self-Employed? Here’s Everything to Know About Preparing for Tax Day

ATM Express Financial • November 1, 2020

Are You Self-Employed? 
Here’s Everything to Know About Preparing for Tax Day.

Tax season for the self-employed can seem like a yearly struggle, considering that taxes aren’t automatically taken out of your paycheck every time you get paid. But with some proper preparation, filing your self-employment taxes can be a breeze. In fact, you may even qualify for some federally sponsored deductions that can drastically lower your tax bill.
Here’s a checklist of what any self-employed individual needs to prepare for tax day, as well as some deduction benefits to be aware of.
What You Need to Properly File a Tax Refund

Proof of Self-Employment Income
  • Including your gross income, all bank deposits, and any interest you have accrued. 

Adjustable Figures

  • Beginning inventory and final inventory.
  • Auto expenses and business mileage.
  • Bad debts.
  • Salaries paid.
  • Business expenses, whether you pay for an office space or have furnished a home office.
  • List of assets.
  • Advertising and marketing expenses.
  • Business loan interest.

Tax Deductions for the Self Employed


Home office deduction. 

As mentioned before, you can get a tax credit for expenses accrued creating a home office. 


Health insurance premiums.

If you do not qualify for an employer-based health insurance plan, you can deduct all your health, dental, and qualified long-term care insurance premiums.


Internet and phone bills.

We live in a digital world, so if you rely on your mobile phone and computer to run your business, you are able to deduct your phone and Internet bills.


Vehicle use.

Using your vehicle for anything business-related, you are eligible for tax deductions. This includes gas mileage, repairs, and annual wear and tear to the vehicle.


Education.

Any educational material, such as attending a conference or taking a course, is considered a business expense as you invest in these to maintain and improve your skillset.


Filing self-employed taxes doesn’t have to be a headache when you work with ATM Express Financial and Tax Services. We’re here to help streamline the process and take all the stress off of you during tax season, so contact us here to learn how we can help.

Tax Time Tips and Tricks to Know for 2021

By ATM Express Financial • November 9, 2020
While it may seem hard to believe, tax season is right around the corner. While you aren’t legally required to file your taxes until April 15, 2021, it never hurts to prepare all your documents and forms early. Waiting until the last minute can cause a ton of stress and some unwanted headaches, so here’s everything you need to get together to help you file your tax return with no stress at all.