Learning to file self-employed taxes online may seem daunting at first. Especially if you don’t have any tax experience or much knowledge.
But that doesn’t mean you should miss out on saving money.
In fact, you can easily create systems for your business income and expense, while saving $500+ in tax filing fees.
By the time you’re done reading this post, you’ll be able to file your self-employed taxes with confidence all while spending $90 or less.
Self-employed tax forms
If you’re a sole-proprietor, or single-member LLC, you’ll need to attach and fill out a Schedule C form to your 1040 tax return.
You may also have to fill out forms related to qualified retirement accounts you contribute to, or self-employed health plans you’re a part of, but for most of us a Schedule C is all you need.
Part 1 is for all your income, including 1099-MISC as well as other sales from coaching, courses or products.
Part 2 is for listing out most of your business-related expenses with Part 5 being for any other expenses that don’t fit in other categories.
Part 3 is for inventory and other cost of goods sold, while Part 4 is for information on your vehicle as it relates to business miles and travel.
Once you break it down, it’s not really that complicated. You simply fill in the questions and boxes as you come to them.
If your business is small, and you only have a few expenses every year, you may be able to fill out a Schedule C-EZ form. This is a much smaller and more condensed version of a Schedule C.
The most time-consuming part of filling in a Schedule C form is making sure your income and expenses are accurate.
It may be a smart idea to hire a bookkeeper to help manage your monthly finances, reports and expenses, so you can DIY taxes at the end of the year.
Paying a bookkeeper a few hundred dollars could be well worth the time and savings!
1. H&R Block
H&R Block is known for their excellent online tax filing services! When you file with them for multiple years, you can see year-to-year comparisons.
H&R Block Online offers a very budget-friendly tax filing option for self-employed freelancers as their premium version only costs $74.99.
Plus, you can start your tax return, save your spot and continue working on it as you have time.
E-file.com is an up-and-coming online tax filing service that I’ve heard really good things about.
While they don’t have a lot of the extra features and customer support that might come with some of the other more well-established online tax filing programs, they do offer a minimalist interface with easy-to-understand steps.
If you feel confident about filing self-employed taxes online, you can save quite a bit of money with their Premium Plus E-file package.
It costs $34.95 including 24% off the price with code: SAVE24.
TaxAct makes filing any kind of business taxes a quick and easy process. They cater to sole-proprietors who need a Schedule C form attached to their 1040 tax return, starting at just $39.
You can easily import last year’s tax information and use their business deduction tools to ensure you get the most tax savings possible.
In the event you have a partnership or are an S-Corp you can file your Corporate taxes for as little as $60.
That’s a far cry from the several hundred dollars most small businesses have to pay to an accountant every year.
TurboTax has been a long-time freelancer favorite because it’s part of the Intuit family of financial products (along with QuickBooks and Mint).
This saves a ton of time as you can easy to update your bookkeeping software, and/or Mint account, and then export it into TurboTax instantly.
You can also get expert live help, if you have questions or stumble across any problems. Plus, you know you’re protected by a reputable company in Intuit.
They specifically offer a TurboTax Self-Employed option for biz owners that costs $119.99 which is the most expensive one on this list.
But you can get started for free and only have to pay when you’re ready to file.
Click here: File self-employed taxes with Intuit’s TurboTax
File self-employed taxes online
If you’re looking for a way to file self-employed taxes online for around $100 or less, the options listed above are a great place to start. You don’t have to be a tax expert or accountant to DIY taxes, just take it one step at a time.
It’s time you felt empower with the knowledge and skills to understand your financial situation so you make the best informed tax decisions!