TAX RESOURCE CENTER

Freelance 101

Best Practices

• What is an EIN and how to get one

• Separating business and personal finances

• Invoicing best practices

• What is a profit and loss report?

• Form 1099 reporting requirements

• How to start a new business

• How to hire subcontractors

• How to pay quarterly estimated taxes

• LLCs vs liability insurance

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Video Resources

• [Free webinar] How to take charge of your taxes as a freelance interpreter (explains separating finances, business deductions & quarterly taxes)

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Spreadsheets

• Invoice tracker spreadsheet (google sheet) (excel)

• Quarterly estimated tax calculator spreadsheet (google sheet) (excel)

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Example W9 Forms

• W9 Form for a sole proprietor

• W9 Form for a sole proprietor with an EIN

• W9 Form for a sole proprietor with an EIN and a Tradename (or a DBA)

Business Expense Deductions

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Best practices​​

• How to use YNAB for business record keeping

• Business trip flowchart

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Specific deductions

• Tax deductions for interpreters

• Tax deductions for photographers

• Tax deductions for artists

• Tax deductions for graphic designers

• Tax deductions for musicians

• Auto expense info sheet

• Home office info sheet

• Meal expenses

• Pro bono services 

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Liability insurance providers for interpreters

• DHH Insurance 

• Proliability

• Coversmart

Rental income tips

• Rental income tips

• Airbnb tax guide

• Rental tax deductions

• Bookkeeping software for those with rental income

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Spreadsheets

• 2022 Business expense tracker spreadsheet

•  2021 Business expense tracker spreadsheet 

LLCs, Corporations, Partnerships & Non-profits

Comparison charts

• Sole Proprietor vs S Corp

• Sole Proprietor vs C Corp

• S Corp vs C Corp

• Sole Proprietor vs Partnership

• Qualified Joint Venture vs Partnership

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S Corps

• What is an S Corp

• How to decide a reasonable salary

• What is an accountable plan?

  • How to set up an accountable plan

  • Options for reimbursing auto-related expenses via an accountable plan

• How to take owner's distributions

• Payroll taxes vs quarterly estimated taxes

• How to compare a staff position vs owning an S Corp

• Retirement options for S Corp owners

• Form 1099 reporting requirements

• S Corp Health Insurance Deduction FAQs

• How to contribute to and HSA as an S Corp owner

• S Corps, C Corps and SSDI

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Partnerships

• Example partnership agreement

• Example partnership meeting minutes (to add UPE to the agreement)

• What is a partnership

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LLCs

• What is an LLC

• How to form an LLC (state specific guides)

• LLCs vs liability insurance

• What does it mean when an LLC is taxed as a Sole Proprietor?

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Non-profits

• Filing requirements

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Example W9 forms

• W9 Form for an LLC S Corp

• W9 Form for an LLC C Corp

• W9 Form for an LLC sole proprietor

• W9 Form for an LLC partnership

Retirement

Comparisons

• [S Corp Owners] SEP IRA vs Solo 401k

• [S Corp Owners] How to set up a SEP IRA in QuickBooks

• [Sole Proprietors] SEP IRA 

• Roth IRA vs Traditional IRA vs SEP IRA vs Solo 401k

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Helpful Links

• Maximum retirement contribution calculator

Personal Taxes & Finances

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Personal income & taxes

• How do I pay my taxes on EFTPS?

• How do I pay my taxes on DirectPay.IRS.Gov?

• Inheritance vs gifts

• How to call the IRS and get a hold of someone

• I've experienced identity theft, what do I do now?

• Tax implications of investing in stocks

• I can't afford to pay my taxes... what do I do?

• Personal budgeting apps

  • You Need a Budget

  • Mint

  • Every Dollar

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Personal tax deductions & credits

• Charitable donations and taxes

• Standard personal deduction vs itemized personal deduction

• What is the child care credit?

• Health savings accounts quick guide

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Homeowner tax tips

• Tax implications of a HELOC loan

• Tax implications of selling a home

• Tax implications of buying a home

• What is considered my home for tax purposes?

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Spreadsheets

• How many hours do I need to work? (google sheet) (excel)

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