Quick Guide Tax

3 Easy Ways to Take Charge of your Taxes as a Freelance Interpreter

1-hour workshop

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DESCRIPTION

Do you feel unprepared for tax season this spring? Do you feel confused about deductions, quarterlies and handling multiple income sources? You're not alone! With interpreting being such a unique field, it can be difficult to find accurate tax guidance. In this workshop, participants will learn 3 practical strategies interpreters can use to get organized for this years taxes and make next tax season smoother. With an efficient process in place, interpreters can breathe easier knowing they're ready for tax season every year.

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OBJECTIVES

1. Participants will be able to indicate at least 2 differences between 1099 and W2 income

2. Participants will be able to identify at least 3 business deductions

3. Participants will learn how to save for and pay quarterly estimated taxes

Tax Mistakes All Interpreters Need to Avoid

3-hour workshop

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DESCRIPTION

Being a freelance interpreter requires more than just interpreting. Focus is so heavily placed on language and skill that the business side of the profession often falls through the cracks. Through engaging content and hands-on activities, participants will learn how to avoid the most common tax mistakes that interpreters make. By becoming tax savvy freelancers, interpreters can transform their business practices and improve their current and future careers.

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OBJECTIVES

1. Participants will be able to calculate taxable income

2. Participants will be able to indicate at least 3 differences between 1099 and W2 income

3. Participants will be able to identify the difference between an LLC and Liability Insurance 

4. Participants will be able to state at least 4 business tax deductions

5. Participants will learn how to implement tax planning throughout the year by using a budget-based scheduling approach

Unpacking the Decision to Become an LLC as a Freelance Interpreter

2-hour workshop

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DESCRIPTION

This workshop will reveal the answers to the most common questions interpreters ask about LLCs, including: Do I need an LLC? How do I form an LLC? What is liability insurance? Does an LLC provide tax savings? What is an EIN? How are sole proprietorships and S Corps different? In addition, we will examine several real-life scenarios to help interpreters evaluate whether or not an LLC is right for them.

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OBJECTIVES

1. Participants will understand what an LLC is

2. Participants will be able to indicate the difference between liability insurance and LLCs

3. Participants will be able to describe the purpose of an EIN and a tradename (DBA)

4. Participants will be able to identify the tax implications of sole proprietorships and S Corps

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COVID-19 Funding Updates and Tax Implications for Freelancers

1-hour workshop

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DESCRIPTION

2020 ended with a bang as the new Coronavirus Relief and Government Funding Bill went into law. This now leaves freelancers scrambling to understand what it entails and how to prepare for 2020 tax season. This workshop will briefly review the latest updates on economic stimulus checks, the second round of PPP loan funding, unemployment and the EIDL. I will also reveal practical guidance on how this funding is handled on your taxes.

OBJECTIVES

1. Participants will be able to identify the difference between pandemic unemployment assistance (PUA) and unemployment insurance (UI).

2. Participants will be able to describe the new rules for those applying for a second round of PPP funds

3. Participants will be able to identify the tax implications of receiving unemployment, stimulus checks, and EIDL/PPP loans.