You also donРІР‚в„ўt want to claim too many deductions and risk an audit.What if your business isnРІР‚в„ўt eligible for many deductions? You may get away with claiming some simple deductions.Some of these deductions include advertising, bank fees, insurance, business car use, and your home office.What about your personal taxes? LetРІР‚в„ўs say youРІР‚в„ўre a freelance or gig worker without an established business. However, these are pretty difficult to calculate.

Usual or Standard Deductions Business owners are able to claim a myriad of deductions. You Have Low Income Most businesses donРІР‚в„ўt generate significant revenue in the first few years of starting their business.As a rule of thumb, if your taxes are straightforward and your earnings are below $50,000 for the year, you can file your own taxes easily.Keep in mind, this usually goes for solopreneurs, startup business owners with only a handful of employees, and freelance/gig workers. youРІР‚в„ўre a consultant, a web designer, or any business where you had multiple clients throughout the year? If you kept an updated report of your earnings, you can use this information to file your taxes. These forms are straightforward just enter the income you earned and deduct any expenses the client paid for your materials and/or services.What if you have multiple clients i.e.

Your client or gig will supply a 1099-MISC form. From the freelance worker to the solopreneur and to the startup business owner, there are more ways to establish yourself as a business without forming a corporate entity.If this sounds like you, you can file your business taxes with ease.LetРІР‚в„ўs say youРІР‚в„ўre a freelancer or a gig economy worker. TheyРІР‚в„ўre Fairly Simple Business ownership is common today. Here are some ways to know if you can DIY your taxes. But every business owner has different taxes. When to DIY Your Business Taxes For most business owners, doing your own taxes isnРІР‚в„ўt as intimidating as you think. tax rules.HereРІР‚в„ўs when you should DIY your small business taxes and when to call a professional. tax code, and itРІР‚в„ўs impossible for a normal person to know the complex U.S. Tax season is right around the corner.Are you a business owner? Should you hire a professional? ItРІР‚в„ўs tempting there are in the U.S.

Small business tax return online