Hi Everyone!
I asked my assistant to pull up everyone who has mentioned business, freelance, self-employment, contract labor, 1099-NEC, etc. If that is you, please read on!
Tax breaks:
For those of you that may be new to these types of income, the good news is that we have quite a few deductions that apply to us.
The full list has 15 core tax breaks that we have found most of us freelancers & business owners can take advantage of. Each one can lead to at least a few thousand dollars in tax savings.
If you want the checklist, please let me know & I will email it over right away. The message is too long with those here!
Deadlines:
Now, to get to the urgent items:
- April 15th: This is your date if you are any of the following:
- Single-Member LLC
- Contractor/Freelancer/1099-NEC employee
- C-Corp
- Apr 15, 2024: Why is this date listed twice? Simple: quarterlies
- This is the first quarter deadline for those that have positive net income from contract income, business, or freelance for 2024
- If you expect to have net income in 2024, you must file
- The IRS interest rate for missing these is now 8% (up from 3% last year), so if you did not notice this one before, you may now!
- Mar 15, 2024: This deadline is missed very often. If you are any of the below, you must file earlier than most! The penalty can be ~$200 per partner per month!
- Multi-Member LLC
- S-corp
- General partnership (LP, etc.)
Important notes:
- For most types of business entities, you are required to file even if you had no activity, no revenues, no expenses, shell entity, etc.
- There are penalties for failing to file
- Please note that your state may have an annual report or biennial statement filing requirement separate from your income taxes
- If you are not sure what your requirements are, just ask me
For help with any of the above, please contact us ASAP.
Thank you for reading!
—
George Dimov CPA
www.dimovtaxstg.wpenginepowered.com
(833) 829-1120 toll free