Q4. How can freelancers or self-employed individuals best prepare for tax season, and what unique considerations should they keep in mind? #CreditChat
@Experian A4: If you're self-employed, this is really helpful. #CreditChat intuit.me/3ZOindP
@Experian A4. Not sure, but I'd love to know more on this for my sister. #CreditChat
@Experian A4: by keeping track of incomes and all the bills, receipts #Creditchat
@Experian A4 by making sure to keep track of business expenses throughout the year #CreditChat
@Experian A4: If you’re self-employed, you won’t have a W-2. Instead, you’ll need Forms 1099 and 1040-ES, along with records of all business expenses, business-use asset information, and home office information if you have one. #CreditChat
@Experian A4: Need to Gather all the 1099s and calculate the yearly expenses #CreditChat
@Experian A4: Self-employed taxpayers have access to the self-employment tax deduction. The IRS allows them to deduct half of their self-employment tax from their net earnings as an income tax deduction. #creditchat
@Experian #creditchat a4 make sure you go to a tax person that has experience with these situations