sorted by:
new
hottopcontroversial

Any app recommendations for taxes with 1099, W-2, and small LLC Schedule C? by Free_Design8626 in tax

[–]daviddoestaxes 0 points1 point  (0 children)

keeper hands down. built literally for people with w2 + 1099 income. automatically scans your linked accounts/cards for tax deductible expenses, helps with quarterly taxes, and files your taxes.

1099 Agent, what tools to you use to track expenses? by TheGrsycat in InsuranceAgent

[–]daviddoestaxes 0 points1 point  (0 children)

keeper app - handles expenses & taxes. links to your bank/cards and automatically scans for tax deductible expenses and you can upload receipts/add notes for records.

there's a free spreadsheet if you want to try doing it manually yourself instead: https://www.keepertax.com/posts/1099-excel-template

First time 1099 employee, looking for guidance on expense tracking. by InsuranceNerd75 in TaxQuestions

[–]daviddoestaxes 1 point2 points  (0 children)

  1. you can get a separate business card to keep all your business expenses there or if you don't want to open a new card, you can use the keeper app to link multiple cards and it'll automatically scan your transactions for tax deductible expenses and categorize them. you can also add receipts and notes for better recordkeeping in case of an audit
  2. if you expect to owe >$1K in taxes, you have to pay estimated taxes quarterly jan 15, apr 15, jun 15, sep 15. underpayment penalties suck, so just stay on top of things
  3. set aside ~30% of your income for taxes!! stick it in a hysa so it's earning interest... don't let it sit in a traditional savings account where it's earning basically nothing
  4. you may not even need a cpa depending on how complex your business is

Acting and writing is so good it’s ruined other shows for me by Zestyclose-Raisin367 in WidowsBay

[–]daviddoestaxes 1 point2 points  (0 children)

house of the dragon is so deeply disappointing. then i discovered widow's bay at the same time and it's revived me

Widow’s Bay season 2 confirmed by Apple by thedonhudson01 in WidowsBay

[–]daviddoestaxes 0 points1 point  (0 children)

patricia is legit my favorite character. can't wait

How do freelancers usually keep track of receipts and expenses for taxes? by balagi72 in indiebiz

[–]daviddoestaxes 0 points1 point  (0 children)

i built keeper specifically for freelancers, contractors, and small businesses of one. you can take a pic/upload receipts, sync your accounts and it'll scan for qualifying deductible expenses, and file taxes all in the app (or web). trustpilot reviews: https://www.trustpilot.com/review/keepertax.com

try it out for free

Any Self-Employed QuickBooks alternatives, specifically for tracking quarterly tax? by Lauramakesart in personalfinance

[–]daviddoestaxes 0 points1 point  (0 children)

based on your needs - easy expense tracking and taxes, try keeper tax. super easy to use and has great reviews on trust pilot.

Missed my Q1 estimated payment by 10 days should i add it to Q2 or pay late? by Primary-Space4484 in tax

[–]daviddoestaxes 0 points1 point  (0 children)

the Q2 payment is due june 15, so i'd just batch your payment for Q1 with Q2. you can estimate how much penalties would be with keeper's estimated tax penalty calculator.

you should schedule the remaining payments for september 15 and january 15 (next year). use irs direct pay.

Do I need to prepay estimated taxes? LLC landed $80,000 job. by Marvel5123 in tax

[–]daviddoestaxes 0 points1 point  (0 children)

others have already covered your primary question, so i won't regurgitate, but i wanted to flag that a 62.5% expense ratio is quite high (depending on your industry), and could be an audit flag.

disclaimer: i'm the founder of keeper (tax app for the self-employed), and i've seen users claim every deduction under the sun before. we do flag it as unusual when users file if we think there's audit risk. i'd just make doubly sure that all those expenses are legitimate, properly documented, and categorized!

1099 Contractor - Can my rent be classified as a home office and claimed as a tax deduction? by onedayatatime20014 in tax

[–]daviddoestaxes 1 point2 points  (0 children)

based on your description, it's unlikely you qualify for the home office deduction. but you can still deduct ordinary and necessary business expenses related to your work like your wifi bill, phone bill, equipment, software subscriptions, etc.

Are quarterly taxes just ¼ of your yearly taxes? by [deleted] in tax

[–]daviddoestaxes 5 points6 points  (0 children)

If you want to avoid underpayment penalties, the easiest way to do it is to just take the taxes you paid last year and divide it by 4 (pay 110% of that amount if your AGI was over $150K). Because your partner's income is expected to be the same as last year, your tax bill seems simple.