San Jose, CA, United States, 26th May 2023 — FlyFin, the world’s leading AI tax preparation and filing service, has introduced a new collection of timely Q&A content as part of its rapidly expanding Tax Resource Center. With the tax deadline approaching, freelancers and self-employed individuals seek urgent tax advice, and FlyFin is answering their most pressing tax questions. The Tax Resource Center provides a comprehensive array of free how-to advice, tax forms, calculators, and information to educate FlyFin users and self-employed individuals across the country, enabling them to maximize tax savings and minimize the hassle, confusion, and time required to file their taxes.
FlyFin’s Tax Resource Center is free to use, offers expert CPA-led Q&A tax advice, and is constantly updated with new tax tools, guides, and tax deduction tips. Freelancers and self-employed individuals can find advice on urgent tax topics, such as tax deductions, estimated tax payments, tax filing checklists, and how to file a tax extension.
A study by The Freelancers Union found that 35% of freelancers need help understanding and paying taxes, while 73% do not deduct any expenses. Some of the top challenges freelancers and self-employed individuals face when doing their taxes include the following:
- Understanding the tax code. The U.S. tax code is complex and challenging to understand, with many rules and regulations for self-employed individuals. This complexity can lead to mistakes on tax returns, resulting in penalties and interest.
- Keeping track of expenses. Self-employed individuals must track their business expenses, which can be time-consuming and tedious. However, accurately tracking business expenses is crucial as they can be deducted from income, lowering tax liability.
- Making estimated tax payments. Freelancers and self-employed individuals need to make estimated tax payments throughout the year, which can be challenging for those with irregular incomes. Deadlines for making estimated quarterly tax payments are June, September, and January of the following year. If a freelancer anticipates owing $1,000 or more in taxes for the year, they should make estimated quarterly tax payments. Failure to do so may result in penalties and interest charges. Therefore, accurately estimating tax liability and making timely payments is essential.
- Filing tax returns on time. The deadline for self-employed individuals to file tax returns in the U.S. is April 15th. If more time is needed, a tax filer can file an extension.
To demystify, simplify, and take the hassle out of taxes, FlyFin offers a free Ask-a-CPA service within its AI-powered tax app. The Tax Resource Center provides freelancers with a growing array of free tax resources, including handy tax calculators, tax forms, checklists, and dedicated tax guides for various freelance professions, such as real estate, delivery drivers, writers, and more.
FlyFin is an award-winning, AI-powered platform that provides self-employed, sub-contractors, independent contractors, gig workers, freelancers, and creator economy workers with a convenient, easy-to-use, and affordable tax filing solution. With a “Man + Machine” approach, FlyFin leverages AI paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work required for 1099 self-employed individuals to prepare their taxes. FlyFin is a privately-held, venture-backed company based in San Jose, California
Contact Person: Carmen Hughes
Contact Number: +1.650-576.6444
City: San Jose
Country: United States
Release Id: 2605233735
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No FUNDS MANAGEMENT journalist was involved in the writing and production of this article.