Self-employed tax advice available to H&R Block online filers
“The complexity of taxes is often made even more complicated when the taxpayer is self-employed or has a side job. But that doesn’t mean these filers can’t take advantage of the savings and convenience of DIY tax prep,” said
Make a personalized tax prep checklist
Making a personalized tax prep checklist is the best way to ensure the proper documents are on hand when starting tax prep, which can help the process go more smoothly.
“Not having the documents you need to prepare your tax return can be frustrating and can cause you to file an inaccurate return that might lead to under- or over-payment of your tax liabilities. Even when filing in the comfort of your own home, having the documents you need really can save you time, money and added stress,” Watts said.
In addition to documents needed about other aspects of their financial lives, self-employed taxpayers will need information that details these financial transactions, expenses and outcomes:
- All business income, whether reported on Forms 1099-MISC and 1099-K or not.
- Business/self-employed expenses – mileage, advertising, legal fees, employee wages, business insurance, office expenses, supplies, etc.
- Cash or accrual accounting method
- Net gains or losses
- Prior-year, unallowed passive activity losses
With this necessary information at hand, clients can be confident they receive every credit and deduction they deserve to ensure a maximum refund.
Decide how to file – the clock is ticking
Filing by the
“Despite changes due to tax reform, selecting the right tax prep method depends on individual comfort level. H&R Block’s online tax preparation products are designed to help consumers feel confident whether they’re filing as a freelancer, small business owner or independent contractor. Plus, clients can get extra assistance by adding Ask a Tax Pro for unlimited chat and screen sharing with a tax pro or Tax Pro Review to have their tax return checked, signed and filed by a tax pro,” Watts said.
Additionally, H&R Block’s Self-Employed online product integrates with mobile expense tracking app Stride Tax, which automates mileage tracking and helps clients discover tax deductions unique to their profession. The integration allows Stride Tax customers to download their related business expenses directly into H&R Block Self-Employed and automatically categorizes them for the user. The Stride Tax app is in the
Taxpayers have multiple ways online to access
For Further Information Investor Relations:
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Source: HRB Tax Group, Inc.