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Don't forget that you'll need to pay self-employment tax (Social Security and Medicare) on this income too! This catches a lot of first-time 1099 recipients by surprise. The current self-employment tax rate is 15.3% on top of your regular income tax. TurboTax will calculate this for you, but it's good to be prepared for it. I got hit with a big tax bill my first year of freelancing because I wasn't setting aside enough for taxes.
Nina Chan
ā¢Oh no, I had no idea about this additional tax! Is there any way to reduce how much I'll owe in self-employment tax? I only made about $3,200 from my t-shirt designs.
The good news is that business expenses you deduct on Schedule C reduce not only your income tax but also your self-employment tax. So definitely track and deduct all legitimate business expenses. With $3,200 in income, your self-employment tax would be around $490 without any deductions. But if you have $1,000 in legitimate business expenses, your net profit would be $2,200 and your self-employment tax would drop to about $337. TurboTax will also let you deduct half of your self-employment tax on your 1040, which further reduces your income tax.
Emma Morales
One thing that confused me when I first filed with 1099 income - you might need to pay quarterly estimated taxes next year if you expect to earn similar amounts. The IRS generally wants you to pay taxes throughout the year, not just at filing time. If you expect to owe more than $1,000 in taxes next year from this income, look into making quarterly payments to avoid an underpayment penalty.
How do you even calculate what to pay each quarter? Just divide this year's tax by 4?
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Something important that nobody has mentioned yet - there are annual limits to how much of this credit you can claim. For 2023 and beyond, it's generally $1,200 per year for most improvements, BUT heat pumps have a special higher limit of $2,000 per year. Also, the improvements have to be made to your primary residence, not a rental property or vacation home. And you need to keep ALL your receipts and manufacturer certifications showing the energy efficiency ratings.
Do you know if there's a lifetime limit too? I remember the old version of this credit had some kind of cumulative cap.
The good news is that the Inflation Reduction Act eliminated the lifetime limit that existed with the older version of this credit. Instead, the annual limits reset each year through 2032. So in your case, you could claim up to the annual limit each year for different qualifying improvements to your home. For most improvements it's $1,200 per year, but for heat pumps, heat pump water heaters, and biomass stoves/boilers, you can claim up to $2,000 annually.
Has anyone actually done the math to see if these "green" improvements are worth it financially? I priced out a heat pump and it was going to cost me $8k AFTER the tax credit. My furnace works fine and my electric bill is only like $100/month. Seems like I'd never break even?
Ryan Kim
ā¢We replaced our old HVAC with a heat pump last year and our electricity bill dropped by about $70/month. At that rate it'll take us about 8 years to break even considering the tax credit. Not amazing but not terrible either, plus our house is way more comfortable now.
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Lucas Bey
something nobody has mentioned yet is professional liability insurance!! i started preparing taxes 2 years ago and didn't get insurance at first bc i thought my clients were simple. big mistake lol. had a client who ended up getting audited because i missed a form, and they tried to come after me for the penalties. now i pay about $400/year for E&O insurance and it's worth every penny for peace of mind. dont skimp on this especially if ur abroad - might be even more complicated with international issues.
Any recommendations on where to get good E&O insurance for tax preparers? I've gotten quotes ranging from $300 to $1200 annually for seemingly similar coverage and I'm not sure how to evaluate the differences.
Caleb Stark
Being a successful tax preparer isn't just about certifications - it's about building a client base. Since you're abroad, I'd suggest focusing on a specific niche like expat taxation or foreign income reporting. Those are complex areas where clients will pay premium rates and have trouble finding knowledgeable preparers. My practice focuses exclusively on Americans abroad with foreign investments and it's been incredibly lucrative. Far better than competing for basic 1040 clients where you're competing with TurboTax and H&R Block.
This is solid advice! I've been doing general tax prep for 5 years and make an OK living, but my colleague who exclusively handles crypto taxation makes literally 3x what I do with fewer clients. Specialization is definitely the way to go, especially when remote.
That's actually really smart advice about finding a niche! Being abroad myself, focusing on expat tax issues makes perfect sense - I already understand some of the challenges firsthand. Do you find most of your clients through referrals or do you use specific marketing channels to reach expats?
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Have you considered just keeping it until the loan is paid off? If you sell now for $29K with $31K left on the loan, you'll have to come out of pocket for the $2K difference PLUS pay taxes on the depreciation recapture. That's a double financial hit. If the car is still functional and you're using it for business, it might make more financial sense to just keep it until you're at least above water on the loan before selling.
This is actually really good advice. I was in a similar position with a business vehicle and decided to keep it for an extra year. By that time, I had paid down the loan enough that the sale covered the remaining balance. Plus I was in a lower tax bracket that year, so the depreciation recapture hit me less hard.
Jayden Reed
Something nobody's mentioned - you might look into trading it in for another qualifying heavy vehicle rather than selling it outright. If you do a like-kind exchange for another business vehicle, you might be able to defer the depreciation recapture. The rules got tighter with the 2017 tax law changes, but there are still some options for vehicular business assets. Talk to a tax pro about Section 1031 exchanges and if any provisions might help in your specific situation.
Sofia Morales
One thing nobody mentioned yet - look into filing Form 843 "Claim for Refund and Request for Abatement" after you submit your late return. The IRS has a First Time Penalty Abatement policy that often waives penalties for first-time mistakes if you've been compliant for the past 3 years. Since this is your first business, you might qualify. I missed filing my LLC taxes by 4 months last year and got most penalties removed this way!
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Zoe Papanikolaou
ā¢This is really helpful info! Does the First Time Penalty Abatement apply even if I've been filing regular personal taxes on time for years but this is just my first business tax return that's late?
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Sofia Morales
ā¢Yes, that's exactly the situation where it typically applies! The IRS looks for a clean compliance history for the three years prior, so if you've filed your personal returns on time and paid what you owed, you'd likely qualify even though this is your first business return. The key is to file your late return first, pay as much as you can of the tax amount (even if not all), and then request the abatement. Don't request the abatement before you've filed the late return. Many people don't know about this program and end up paying penalties they could have avoided.
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StarSailor
Quick question for anyone who's been through this - should I file Form 1065 or Schedule C with my 1040? I'm a single-member LLC too and getting conflicting advice. My business made about $85k last year and I'm in the same boat as OP with a missed deadline.
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Jamal Wilson
ā¢As a single-member LLC, you should file Schedule C with your Form 1040, not Form 1065. Form 1065 is for partnerships and multi-member LLCs. Since you're the only owner, the IRS treats your LLC as a "disregarded entity" for federal tax purposes, meaning you report all business income and expenses on Schedule C of your personal return. The exception would be if you elected to have your LLC taxed as a corporation (using Form 8832). But if you never made that election, then Schedule C is the correct form.
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