Free Tax Resources and Tax Tips for Small Businesses

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Free Tax Resources

Frequently Asked Questions

What are tax write-offs?

Tax write-offs or tax deductions, are business purchases or expenses that you can use to lower your total taxable income. This means you can pay less taxes depending on your business expenses! However, the business expense must be in a tax-deductible category for it to be considered a tax write-off. To find out what is tax-deductible, we recommend looking at tax-deductible expenses or common categories in your field of work.

Can I file my own taxes if I'm self-employed?

Whether you're a self-employed freelancer or a small business owner, you can file your own taxes! There are many free and affordable tax filing services to help you (especially for Schedule C filing). The IRS has free guided tax filing if you make under a certain amount. Be sure to track your income and expenses so you'll be ready when tax time comes!

Do I need a business expense tracker?

Although an expense tracker isn't needed for small businesses or independent contractors, it's extremely helpful. A business expense tracker can help sort and summarize your personal and business expenses. Most expense trackers will also come with cloud data storage, so you can ditch the paper receipts after uploading them.

What's the difference between W-2 and 1099-MISC?

Both tax forms are used to report income depending on your situation. Employers will give their employees a W-2 (Wage and Tax Statement) which contains info on taxes withheld and wages earned for the year. On the other hand, 1099-MISCs are given to contractors or non-employee individuals to report the payments made. They can also be used to track miscellaneous income.

Is my hobby considered a business?

Your hobby is most likely considered a business if you're profiting from it. However, multiple factors are taken into account when determining if a hobby is a business such as:

Treating your hobby as a business (e.g., bookkeeping, tracking hours, etc.)
Putting time and effort into your hobby to make a profit
Depending on your hobby for income
How much and how often profit is made

Am I an independent contractor or an employee?

You're considered an independent contractor and self-employed if you have control over the work you do (financially and behaviorally). In other words, you have a lot of say in what you do. If the person you're working for controls mostly everything in the business relationship (especially how work is done), then you're considered an employee. It's not determined by how you're paid, how often you're paid, or if you're part or full time.

Can I claim tax deductions if I work from home?

Yes, as long as you're still an independent contractor, self-employed, or a freelancer. If you're an employee working from home, you can't claim tax deductions and should ask your employer for expense reimbursements.