{"id":13356,"date":"2024-03-11T11:52:50","date_gmt":"2024-03-11T18:52:50","guid":{"rendered":"https:\/\/honeybook.site.strattic.io\/?p=13356"},"modified":"2024-03-11T11:52:53","modified_gmt":"2024-03-11T18:52:53","slug":"the-diy-tax-filing-checklist-that-every-small-business-owner-needs","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/the-diy-tax-filing-checklist-that-every-small-business-owner-needs","title":{"rendered":"DIY taxes for independent business owners [checklist included]"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em><em><em><em>Filing your taxes as an independent business owner doesn\u2019t have to be a struggle. Use our DIY tax filing checklist to stay organized during tax season.<\/em><\/em><\/em><\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2000\" height=\"1548\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing.jpg\" alt=\"\" class=\"wp-image-88891\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing.jpg 2000w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-300x232.jpg 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-1024x793.jpg 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-768x594.jpg 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-1536x1189.jpg 1536w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/figure>\n\n\n\n<p>When you\u2019re an independent business owner, tax time often comes more than once a year\u2014it comes four times a year. If you\u2019ve always wondered if you could handle it by yourself, this post is for you.<\/p>\n\n\n\n<p>If you\u2019re a single-owner LLC or sole proprietor, doing your own self-employment taxes is actually much simpler than you might expect. You don\u2019t have to worry about a corporate tax return or any W-2s for employees (assuming that any assistants or freelancers that you hire are paid as independent contractors).<\/p>\n\n\n\n<p>Not only will you save a couple of bucks on an accountant, but more importantly, doing your own bookkeeping and filing your own taxes helps you feel more in control of your business. It will give you a much better understanding of how business income taxes work and how your business is doing on a micro and macro level.<\/p>\n\n\n\n<p>The exception: If your business reaches a level where you no longer have time for administrative work, there\u2019s nothing wrong with outsourcing tasks like bookkeeping or tax filing. If you do decide to hire an accountant or bookkeeper, make sure they specialize in your field, are easy to communicate with, and will be able to send you the information and reports you need at a moment\u2019s notice.<\/p>\n\n\n\n<div class=\"aligncenter wp-block-ugb-container ugb-container ugb-8cb8722 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-8cb8722-wrapper.ugb-container__wrapper{border-radius:0px !important;background-color:#131416 !important}.ugb-8cb8722-wrapper.ugb-container__wrapper:before{background-color:#131416 !important}.ugb-8cb8722-content-wrapper > h1,.ugb-8cb8722-content-wrapper > h2,.ugb-8cb8722-content-wrapper > h3,.ugb-8cb8722-content-wrapper > h4,.ugb-8cb8722-content-wrapper > h5,.ugb-8cb8722-content-wrapper > h6{color:#ffffff}.ugb-8cb8722-content-wrapper > p,.ugb-8cb8722-content-wrapper > ol li,.ugb-8cb8722-content-wrapper > ul li{color:#ffffff}@media screen and (min-width:768px){.ugb-8cb8722 > .ugb-inner-block > .ugb-block-content > *{padding-top:46px !important;padding-bottom:46px !important;padding-right:46px !important;padding-left:46px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-8cb8722-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-8cb8722-content-wrapper\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<h2 class=\"wp-block-heading has-white-color has-text-color has-link-color wp-elements-987eb1cc0ea247c3c724200a8e19da5e\">Get ahead of tax season<\/h2>\n\n\n\n<p class=\"has-white-color has-text-color has-link-color wp-elements-19ca39174e58fca54504848ab83b8f64\">Use our free self-employment tax calculator to estimate your tax rate. <\/p>\n\n\n\n<div class=\"wp-block-ugb-button ugb-button-wrapper ugb-f3e4bde ugb-main-block\"><style>.ugb-f3e4bde .ugb-block-content{justify-content:flex-start !important}.ugb-f3e4bde .ugb-button1{background-color:#5e30e3}.ugb-f3e4bde .ugb-button1 .ugb-button--inner,.ugb-f3e4bde .ugb-button1 svg:not(.ugb-custom-icon){color:#ffffff !important}.ugb-f3e4bde .ugb-inner-block{text-align:left}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-button-container\"><a class=\"ugb-button1 ugb-button ugb-button--size-normal\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/tools\/self-employment-tax-calculator\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"\"><span class=\"ugb-button--inner\">Estimate taxes<\/span><\/a><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/tools\/self-employment-tax-calculator\"><img decoding=\"async\" width=\"581\" height=\"515\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/12\/tax-calculator_form-graphic.png\" alt=\"\" class=\"wp-image-92153\" style=\"width:250px\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/12\/tax-calculator_form-graphic.png 581w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/12\/tax-calculator_form-graphic-300x266.png 300w\" sizes=\"(max-width: 581px) 100vw, 581px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p><strong>Jump to:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#structure\">Why business structure matters for taxes<\/a><\/li>\n\n\n\n<li><a href=\"#prepare\">How to prepare for your small business taxes<\/a><\/li>\n\n\n\n<li><a href=\"#forms\">Gathering tax forms and important numbers<\/a><\/li>\n\n\n\n<li><a href=\"#filing-taxes\">Filing taxes online, by mail, or through a tax preparer<\/a><\/li>\n\n\n\n<li><a href=\"#FAQs\">FAQs on DIY taxes for business owners<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container cta-pro-tip ugb-0041221 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-0041221-wrapper.ugb-container__wrapper{padding-top:0 !important;padding-bottom:0 !important}.ugb-0041221-wrapper > .ugb-container__side{padding-top:35px !important;padding-bottom:35px !important}@media screen and (min-width:768px){.ugb-0041221.ugb-container{padding-top:0px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-0041221-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-0041221-content-wrapper\">\n<div class=\"wp-block-ugb-columns ugb-columns ugb-c9eef97 ugb-columns--design-plain ugb-columns--columns-2 ugb-main-block\"><style>.ugb-c9eef97 > .ugb-inner-block > .ugb-block-content > .ugb-columns__item{grid-template-columns:0.20fr 1.80fr !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-columns__item ugb-c9eef97-content-wrapper\">\n<div class=\"wp-block-ugb-column ugb-column ugb-381f79f ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-381f79f-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/asset-4.svg\" alt=\"\" class=\"wp-image-83436\"\/><\/figure>\n<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-ugb-column ugb-column ugb-97eb796 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-97eb796-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<h4 class=\"wp-block-heading\"><strong>Pro tip<\/strong> <\/h4>\n\n\n\n<p>With your HoneyBook account connected to your Quickbooks, you can push your payments into your accounting software so all of your reports are up-to-date in real time.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<span id=\"structure\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\">Why business structure matters for taxes<\/h2>\n\n\n\n<p>Before we dive into your tax steps, let\u2019s talk about why your business structure matters when it comes to taxes. If you\u2019ve been in business for a while, feel free to skip this step.&nbsp;<\/p>\n\n\n\n<p>For someone just getting started with an independent business, you may not realize the impact business structure can have on your taxes in the long run.&nbsp;<\/p>\n\n\n\n<p>Most Independent business owners end up running a sole proprietorship since it\u2019s the easiest to establish. You don\u2019t need to file any documents or paperwork for your business, so it\u2019s the structure that individual business owners default to.&nbsp;<\/p>\n\n\n\n<p>However, with a sole proprietorship, you file taxes as yourself, meaning you only file personal taxes. As a sole proprietor, your tax liability may be higher even if you don\u2019t generate a lot of income through your business\u2014it all depends on your personal household tax bracket.&nbsp;<\/p>\n\n\n\n<p>On the other hand, a single-member LLC lets you separate your personal and business taxes. You can protect your personal assets from liability, and you\u2019ll be taxed at a corporate tax rate rather than your personal tax bracket. With <a href=\"https:\/\/www.score.org\/blog\/sole-proprietor-vs-single-member-llc\" target=\"_blank\" rel=\"noreferrer noopener\">sole proprietorships and single-member LLCs<\/a>, you\u2019re still entitled to the same tax deductibility, including travel, meals, equipment, and more.<\/p>\n\n\n\n<span id=\"prepare\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\">How to prepare for your small business taxes<\/h2>\n\n\n\n<p>I recommend using a bookkeeping program or accounting software to track and categorize your income and expenses. For instance, with HoneyBook you can <a href=\"https:\/\/help.honeybook.com\/en\/articles\/2209038-quickbooks-integration-overview-faq\" target=\"_blank\" rel=\"noreferrer noopener\">sync your account<\/a> seamlessly with Quickbooks and track all your revenue information, including profit, loss, and expenses.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Once your HoneyBook account is synced, the HoneyBook will automatically send all your business transactions to Quickbooks. Be sure to periodically check that your transactions are categorized correctly. These categories will be important when you\u2019re filling out the \u201cBusiness Expenses\u201d section on the Schedule C portion of your tax return.<\/p>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container cta-pro-tip ugb-2b6db48 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-2b6db48-wrapper.ugb-container__wrapper{padding-top:0 !important;padding-bottom:0 !important}.ugb-2b6db48-wrapper > .ugb-container__side{padding-top:35px !important;padding-bottom:35px !important}@media screen and (min-width:768px){.ugb-2b6db48.ugb-container{padding-top:0px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-2b6db48-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-2b6db48-content-wrapper\">\n<div class=\"wp-block-ugb-columns ugb-columns ugb-7c1e46f ugb-columns--design-plain ugb-columns--columns-2 ugb-main-block\"><style>.ugb-7c1e46f > .ugb-inner-block > .ugb-block-content > .ugb-columns__item{grid-template-columns:0.20fr 1.80fr !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-columns__item ugb-7c1e46f-content-wrapper\">\n<div class=\"wp-block-ugb-column ugb-column ugb-2bea970 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-2bea970-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/asset-4.svg\" alt=\"\" class=\"wp-image-83436\"\/><\/figure>\n<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-ugb-column ugb-column ugb-ccbe7d5 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-ccbe7d5-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<h4 class=\"wp-block-heading\"><strong>Pro tip<\/strong> <\/h4>\n\n\n\n<p>Remember to start tracking expenses at the beginning of the year. The most common categories your business expenses will fall under cost of goods sold, marketing and advertising, dues and subscriptions, and salaries and wages. Learn more about <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/tracking-expenses-for-small-business\" target=\"_blank\" rel=\"noreferrer noopener\">tracking expenses<\/a>.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>Independent businesses are required to pay quarterly taxes as they earn income, similar to the way in a W2 role your employer pays the government on your behalf throughout the year.<\/p>\n\n\n\n<p>Make sure you mark tax day in your yearly calendar and begin preparing as soon as possible. While you\u2019re required to report and pay your <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estimated-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">estimated taxes<\/a> quarterly your actual taxes are due on or soon after April 15, depending on if April 15 falls on a weekend. Depending on your earnings and expenses you, may receive a refund or owe. Tax season typically begins in late January or February, during which you can file at any time until the due date.&nbsp;<\/p>\n\n\n\n<span id=\"forms\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\">Gathering tax forms and important numbers<\/h2>\n\n\n\n<p>Before you can file your taxes, you\u2019ll need to get organized with all the tax forms and numbers that you\u2019ll need. As soon as you can start in the new year (preparing for the tax year prior), use the following checklist to gather your documents and <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/5-annual-financial-reports-update\" target=\"_blank\" rel=\"noopener\" title=\"financial reports\" data-wpil-keyword-link=\"linked\">financial reports<\/a>. Depending on your business structure and work, you may not need all these documents and forms, but it\u2019s a good rule of thumb to have the full list on hand.&nbsp;<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88821\" class=\"elementor elementor-88821\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"476\" height=\"534\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-lead-magnet-banner.png\" class=\"attachment-medium_large size-medium_large wp-image-88442\" alt=\"\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-lead-magnet-banner.png 476w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-lead-magnet-banner-267x300.png 267w\" sizes=\"(max-width: 476px) 100vw, 476px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Download the small business tax filing checklist\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9369481 e-con-full e-flex e-con e-child\" data-id=\"9369481\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a24f349 elementor-widget elementor-widget-text-editor\" data-id=\"a24f349\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Check out the checklist so you can refer to it as you prepare for this tax season.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 click-tax-filing-checklist elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get the checklist<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<h4 class=\"wp-block-heading\">Business tax forms and numbers<\/h4>\n\n\n\n<p>\u2610&nbsp; Your personal SSN and business EIN. If you\u2019re a sole proprietorship you may only have an SSN.<\/p>\n\n\n\n<p>\u2610&nbsp; All 1099-NECs you\u2019ve received. These will come from any non-salary\/non-employee freelance work you did that exceeded $600. The employers will ask for your EIN\/SSN and mailing address.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\u2019ll be receiving these throughout the month of January\u2014collect them in a folder until you\u2019re ready to file your taxes. If they don\u2019t send you one, that\u2019s their mistake, not yours! Reach out to the payer first to remind them to send you a 1099. If you still don\u2019t receive a 1099 by February, <a href=\"https:\/\/www.irs.gov\/newsroom\/heres-what-taxpayers-should-do-if-they-have-missing-or-incorrect-documents\" target=\"_blank\" rel=\"noreferrer noopener\">call the IRS<\/a>.<\/li>\n<\/ul>\n\n\n\n<p>\u2610&nbsp; General income. This refers to all other income that you did not report in the 1099-NEC section.<\/p>\n\n\n\n<p>\u2610&nbsp; Transportation Expenses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total miles driven in the tax year\u2014both business and personal<\/li>\n\n\n\n<li>Miles driven for business (you can use an <a href=\"https:\/\/www.forbes.com\/advisor\/business\/software\/best-mileage-tracker-app\/\" target=\"_blank\" rel=\"noreferrer noopener\">app like QuickBooks<\/a>)<\/li>\n\n\n\n<li>Tolls paid during business driving<\/li>\n\n\n\n<li>Public transportation expenses (train tickets, subway, etc.)<\/li>\n\n\n\n<li>Parking fees (parking meters, parking garages, etc.)<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-ugb-container ugb-container cta-pro-tip ugb-e509e3a ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-e509e3a-wrapper.ugb-container__wrapper{padding-top:0 !important;padding-bottom:0 !important}.ugb-e509e3a-wrapper > .ugb-container__side{padding-top:35px !important;padding-bottom:35px !important}@media screen and (min-width:768px){.ugb-e509e3a.ugb-container{padding-top:0px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-e509e3a-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-e509e3a-content-wrapper\">\n<div class=\"wp-block-ugb-columns ugb-columns ugb-bfc166a ugb-columns--design-plain ugb-columns--columns-2 ugb-main-block\"><style>.ugb-bfc166a > .ugb-inner-block > .ugb-block-content > .ugb-columns__item{grid-template-columns:0.20fr 1.80fr !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-columns__item ugb-bfc166a-content-wrapper\">\n<div class=\"wp-block-ugb-column ugb-column ugb-f967664 ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-f967664-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/asset-4.svg\" alt=\"\" class=\"wp-image-83436\"\/><\/figure>\n<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-ugb-column ugb-column ugb-2308e2a ugb-column--design-plain ugb-main-block\"><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-column__item ugb-2308e2a-column-wrapper\"><div class=\"ugb-column__content-wrapper\">\n<h4 class=\"wp-block-heading\"><strong>Pro tip<\/strong> <\/h4>\n\n\n\n<p>I recommend not tracking gas and vehicle expenses and instead taking the IRS\u2019s standard mileage rate. The <a href=\"https:\/\/www.irs.gov\/tax-professionals\/standard-mileage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">IRS\u2019s standard mileage rate<\/a> changes annually and occasionally midyear.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>\u2610&nbsp; All 1099-NEC forms that you\u2019ve issued. These are for any non-salary\/non-employee freelancers who you paid at least $600 during the year.&nbsp;<\/p>\n\n\n\n<p>If you haven\u2019t sent these yet, you\u2019ll need to know their full company name (if applicable), EIN or SSN, and mailing address. You can collect all of this by sending them a W9 to fill out when you hire them. You\u2019ll need to fill out a 1099-NEC form for each worker and mail a copy to the IRS and the recipient by January 31st. Programs like Quickbooks often create these for you.<\/p>\n\n\n\n<p>\u2610\u00a0 Any form 1099-MISC that you\u2019ve issued. These are for miscellaneous payments over $6,000 for non-employees, such as attorneys frees, or any awards or prizes you may have issued as part of your work.\u00a0<\/p>\n\n\n\n<p>\u2610&nbsp; The cost of any (non-medical) insurance for your business. This includes liability insurance, equipment insurance, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Advertising expenses. These include digital ads on Facebook and Instagram, brochures, business cards, web hosting\/blog expenses, logo design, etc.<\/p>\n\n\n\n<p>\u2610\u00a0 Office deductions such as equipment expenses, stamps, flash drives, software subscriptions, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Supplies such as boxes, packaging, printer paper, ink, pens, post-its, planner, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Other expenses. These could include PayPal\/bank\/ATM fees, courses, workshops, client gifts, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; <a href=\"https:\/\/www.irs.gov\/newsroom\/how-small-business-owners-can-deduct-their-home-office-from-their-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">Home office expenses<\/a>. You can only deduct these if you use part of your home solely for business, such as an office, desk, or studio. Common areas like your kitchen, bathroom, hallways, etc., do not count.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Square footage of the whole home<\/li>\n\n\n\n<li>Square footage of the <em>business-only<\/em> area of the home<\/li>\n\n\n\n<li>Percentage of time you conduct business inside vs. out of the home<\/li>\n\n\n\n<li>Expenses relevant to the whole home\u2014mortgage interest, property taxes, condo insurance, utilities, etc.<\/li>\n<\/ul>\n\n\n\n<p>\u2610&nbsp; If you have a SEP IRA set up for your business, it\u2019ll let you know the maximum amount you can contribute to the account. The more you contribute, the more your taxes will go down (by roughly 15%)<em>.<\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Personal tax forms and numbers<\/h4>\n\n\n\n<p>\u2610&nbsp; Any 1099-INTs you\u2019ve received\u2014these come from banks, brokerages, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Any 1099-DIVs you\u2019ve received\u2014these come from investments, retirement accounts, etc.<\/p>\n\n\n\n<p>Banks may mail or email these to you, or post them on your account under \u201cDocuments\u201d, Tax Documents\u201d, \u201cE-Documents\u201d, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Any additional (personal, not under your business) 1099-NECs you\u2019ve received for miscellaneous freelance\/subcontractor work. These will be associated with your personal SSN, not your business EIN.<\/p>\n\n\n\n<p>\u2610&nbsp; 1099-K, if you\u2019ve received one for third-party network transactions.<\/p>\n\n\n\n<p>\u2610&nbsp; 1099-G, if you\u2019ve received unemployment or local income tax refunds, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Property tax information. If you entered this info under the \u201cHome office\u201d section, it\u2019ll carry over the info and give you the proper deduction for the non-business portion of your home.<\/p>\n\n\n\n<p>\u2610&nbsp; Any charitable donations. You\u2019ll need the name of the 501(c)(3) organization, the dollar value of the donation, and a donation receipt.<\/p>\n\n\n\n<p>\u2610&nbsp; Any 1098-E or 1098-Ts. If you\u2019ve paid any money towards tuition, student loans, etc.<\/p>\n\n\n\n<p>\u2610&nbsp; Any medical expenses<\/p>\n\n\n\n<p>\u2610&nbsp; Estimated taxes. Each quarter, you\u2019ll file a Form 1040-ES and submit your estimated taxes. To do this, just take last year\u2019s federal tax due and divide by 4, then pay these equal amounts by the quarterly due dates throughout the year. You can file online at sites like pay1040.com, etc. If you are concerned about this process, be sure to speak with an accounting professional.<\/p>\n\n\n\n<p>Enter the quantities you paid and the dates submitted. Don\u2019t include any online credit card fees you might have paid for filing\/submitting.<\/p>\n\n\n\n<p>\u2610&nbsp; Retirement\/Investments such as a Roth IRA. If you\u2019re financially able to, you should consider contributing the maximum\u2014it isn\u2019t taxed when you take out the funds when you retire!<\/p>\n\n\n\n<p>\u2610\u00a0 Any moving expenses, accountant fees (or the price of the TurboTax software), etc.<\/p>\n\n\n\n<span id=\"filing-taxes\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Filing taxes online, by mail, or through a tax preparer<\/strong><\/h2>\n\n\n\n<p>Use&nbsp;<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/signup\">software such as HoneyBook<\/a> to keep good records of your self-employment income and expenses to make your DIY taxes easier. With your records, you can file your federal return using one of several methods.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Filing taxes for independent business owners<\/h3>\n\n\n\n<p>You can file your taxes by printing the forms, filling them out, and mailing them to the Internal Revenue Service (IRS), or you can complete and submit the forms online. Otherwise, you can use tax software, which will use questionnaires to guide you through the forms and submit them when completed. Alternatively, you can pay a tax preparer or accountant to handle your taxes for you, including filing the forms and submitting your tax payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Filing taxes online<\/h3>\n\n\n\n<p>Electronic filing is one of the easiest ways to do your taxes. There are a variety of tax software programs available, though it\u2019s important to pay attention to software costs.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/e-file-providers\/free-file-fillable-forms\">IRS fillable forms<\/a> for any income level<\/li>\n\n\n\n<li>IRS Free File&#8217;s&nbsp;<a href=\"https:\/\/apps.irs.gov\/app\/freeFile\">guided tax software<\/a> if your adjusted gross income is $79,000 or less<\/li>\n\n\n\n<li>Tax software such as TurboTax Business Online or TaxAct for small businesses<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Filing by mail<\/h3>\n\n\n\n<p>Filing by mail entails printing out your forms, such as Form 1040; all of the relevant schedules, such as Schedule C (Profits From a Business) and Form 8829 (Business Use of Your Home); and any other required forms. Look at the&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i1040gi.pdf\">form instructions<\/a> for the IRS mailing address and mail all of your forms by the deadline.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Filing with a tax preparer<\/h3>\n\n\n\n<p>You may want to have a&nbsp;<a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/tax-pro\/what-is-a-tax-preparer\/L6qaPUWtX\">professional tax preparer<\/a> handle your taxes, especially if you have any complex tax situations. By working with tax experts, you can take much of the guesswork out of your taxes. Plus, these professionals are trained to avoid entry errors, why it can be easy to have human error get in the way if you\u2019re doing your own taxes.&nbsp;<\/p>\n\n\n\n<p>However, when working with them, it\u2019s still important to make sure you\u2019re providing them with all of your accurate income, asset, and expense information. Your choices include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enrolled agents who have credentials with the IRS<\/li>\n\n\n\n<li>Certified Public Accountants (CPAs)<\/li>\n\n\n\n<li>Tax attorneys<\/li>\n\n\n\n<li>Tax preparation organizations such as H&amp;R Block<\/li>\n<\/ul>\n\n\n\n<span id=\"FAQs\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FAQs on DIY taxes for business owners<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">When do I need to file my taxes in 2024?<\/h3>\n\n\n\n<p>The deadline for filing and paying taxes in 2024 is&nbsp;<a href=\"https:\/\/www.irs.gov\/newsroom\/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers\">Monday, April 15<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Can I file my taxes for free?<\/h3>\n\n\n\n<p>You can file your taxes for free at the&nbsp;<a href=\"https:\/\/www.irs.gov\/e-file-providers\/free-file-fillable-forms\">IRS.gov website<\/a> as long as you meet the eligibility requirements, including the limits on your taxable income. If using an IRS tax preparation partner, you may be charged for filing a state tax return.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Should I use the standard deduction or itemized deductions?<\/h3>\n\n\n\n<p>The IRS lets you deduct eligible expenses to lower your taxable income, thus lowering your tax liability. You can itemize these business deductions, which include expenses such as mortgage interest, state taxes, and charitable contributions, to name a few. If you don\u2019t itemize deductions, you can take the standard deduction.<\/p>\n\n\n\n<p>Choose the method that will result in the&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/article\/taxes\/standard-deduction\">maximum tax savings<\/a>. If you add your itemized deductions and the total is less than the standard deduction, then use the standard deduction. Itemizing your deductions could lead to larger tax savings, however, if your total is larger than the standard deduction.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">When can I expect my federal tax return?<\/h3>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.investopedia.com\/terms\/t\/taxreturn.asp\">federal tax return<\/a> is the form you file with the IRS. It&#8217;s your responsibility to obtain this return and file it, along with any tax payments you owe. If you&#8217;re expecting a federal tax refund, you can use the&nbsp;agency&#8217;s <a href=\"https:\/\/www.irs.gov\/newsroom\/tax-time-guide-irs-enhances-wheres-my-refund-tool-for-2024-filing-season\">Where\u2019s My Refund?<\/a> tool to check its status.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">That\u2019s it! Not so hard, right?<\/h2>\n\n\n\n<p>Once you\u2019ve gone through the entire checklist and have everything you need, you just need to file and make any tax payments necessary. You can file your taxes through online software like TurboTax and H&amp;R Block.&nbsp;<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88494\" class=\"elementor elementor-88494\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"511\" height=\"628\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black.png\" class=\"attachment-medium_large size-medium_large wp-image-88488\" alt=\"\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black.png 511w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-black-244x300.png 244w\" sizes=\"(max-width: 511px) 100vw, 511px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Everything in one place\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-657226d elementor-widget elementor-widget-text-editor\" data-id=\"657226d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Easily keep track of all your clients and projects using HoneyBook.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/signup\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<p><strong><em>Disclaimer: The advice featured in this blog post was sourced from our community members for sharing general information and knowledge. For specific financial and legal advice, please consult an authorized professional.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filing your taxes as an independent business owner doesn\u2019t have to be a struggle. Use our DIY tax filing checklist to stay organized during tax season. When you\u2019re an independent business owner, tax time often comes more than once a year\u2014it comes four times a year. If you\u2019ve always wondered if you could handle it [&hellip;]<\/p>\n","protected":false},"author":316,"featured_media":88891,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,545],"tags":[309,505,209],"class_list":["post-13356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","category-mobile-app","tag-business-planning","tag-financial-reports","tag-taxes"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing.jpg",2000,1548,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-150x150.jpg",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-300x232.jpg",300,232,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-768x594.jpg",768,594,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-1024x793.jpg",1024,793,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing-1536x1189.jpg",1536,1189,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2018\/03\/DIY-tax-filing.jpg",2000,1548,false]},"post_excerpt_stackable_v2":"<p>Filing your taxes as an independent business owner doesn\u2019t have to be a struggle. Use our DIY tax filing checklist to stay organized during tax season. When you\u2019re an independent business owner, tax time often comes more than once a year\u2014it comes four times a year. If you\u2019ve always wondered if you could handle it by yourself, this post is for you. If you\u2019re a single-owner LLC or sole proprietor, doing your own self-employment taxes is actually much simpler than you might expect. You don\u2019t have to worry about a corporate tax return or any W-2s for employees (assuming that&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>, <a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/mobile-app\" rel=\"category tag\">Mobile App<\/a>","author_info_v2":{"name":"Lin Pernille","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/lin-pernille-kristensen"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DIY Taxes Are Easy With This DIY Tax Filing Checklist | HoneyBook<\/title>\n<meta name=\"description\" content=\"DIY taxes can be quick and easy. Review this tax filing checklist to make sure that you are fully prepared to file your small business taxes this year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/the-diy-tax-filing-checklist-that-every-small-business-owner-needs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DIY Taxes Are Easy With This DIY Tax Filing Checklist | HoneyBook\" \/>\n<meta property=\"og:description\" content=\"DIY taxes can be quick and easy. 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