Ramsey SmartTax is the perfect fit for filing personal tax returns, which also includes freelance taxes on Form 1040 from income such as gig work and other 1099 side jobs. (Special shoutout to those working the Baby Steps!)
If you have 1099 income and plan to file as a sole proprietorship or single-member LLC - meaning you file your self-employment income taxes with your normal annual tax filing - SmartTax can help you fill out your Schedule C. If you plan to itemize your tax deductions, SmartTax can help with that too.
For those with established businesses (think, LLC or S Corp), and the IRS requires you to pay quarterly taxes, SmartTax does not offer a quarterly tax return feature. If you fall into this category, your tax filing situation is a bit more complex and would be a great thing to discuss with a RamseyTrusted® Tax Pro.
Not sure if you need to pay quarterly taxes? According to the IRS, you should pay estimated taxes quarterly if you expect to owe at least $1,000 in taxes on the income you make from freelance work this year. To learn more about freelance income and quarterly taxes, check out this article from our team.
Here are some other helpful articles to help you prepare for tax season for your business:
- How to Find the Right CPA for Your Small Business
- A Guide to Small-Business Taxes
- How to Calculate Taxes for Your Business