Benefits of Using a Tax Filing Service
Being self-employed means you sometimes wear multiple hats. You can be the boss, the accountant, and at tax-time, you can be your own tax preparer.
Sound daunting? It doesn’t have to be. Online tax filing programs designed for self-employment can help you easily manage your business and personal taxes without requiring you to study the ins and outs of tax rules.
(Don't forget, the FREE Stride App can help you save thousands of dollars on your tax bill and hours of tax prep time by automatically tracking your miles and expenses, surfacing money-saving deductions, and getting your forms IRS-ready. Get it today!)
Filing Taxes Online vs. In-Person Tax Prep
You have options for filing your taxes. You can go to a tax office and work with a tax professional, file your return online with a DIY-product, or go the old-fashioned route by completing paper forms. The last method is rarely used anymore, so let’s toss that one aside. Below, I’ve outlined a few advantages of filing your taxes online vs. in-person.
Complete your taxes on your own schedule: Your time is valuable. When you’re taking care of your business, your schedule can be hectic and your day full. By filing your taxes online versus in-person with a tax professional, you can complete your return when it works best for you. Of course, you don’t have to complete your filing in one session with online products. You can start the process, take a break, and come back to it later if needed.
Gain insight to your business finances: Completing your return with an online program means you can see the impact various credits and deductions can have on your taxes without having to know the technical background or do the calculations. Getting this insight can help you build awareness of the tax benefits that can improve your bottom line in the future.
Save on tax prep costs: By filing self-employed taxes online, you can save money. Filing in-person with a tax professional is more expensive. If your self-employment income is from a side gig, you might be looking for accurate, yet more affordable tax preparation. In this case, it may be better to file your own taxes online and save a bit of money instead of paying for a tax professional.
What You Can Expect When Filing Self-Employed Taxes Online
Being self-employed means you have a different source of income and different tax forms to complete compared to a worker with only traditional W-2 income. Below are a few features you will find with most online filing programs designed for self-employed taxes.
Reporting self-employment income: Whether you’re a freelancer, small business owner, or even someone who drives for a company like Uber or Lyft, you’ll need to report your business income and expenses using Schedule C and Schedule SE. If you’re an independent contractor, the company you work for will report your income on Form 1099-NEC or Form 1099-K.
Calculating self-employment taxes: When you work as a W-2 employee, the employer withholds part of your pay for Social Security and Medicare taxes. As a 1099 worker, you’ll need to account for these taxes on your own and report them on a Schedule-SE.
Maximizing business tax credits and deductions: When you work for yourself, you can receive certain credits and take tax deductions related to your business activities. Most online filing software you can choose from to file your taxes will include these types of deductions and help you calculate things like the depreciation of any property, such as vehicles or any other equipment, you may use for your business.
Using TurboTax’s Self-Employed Products
Getting your biggest possible tax refund has never been easier. Stride is teaming with TurboTax®, the number one best-selling tax software, to help you get your taxes done right — your way:
File your own taxes. Answer easy questions and TurboTax will guide you to your maximum refund — plus, those with simple returns file free with TurboTax Free Edition.
Help from real tax experts. TurboTax Live makes it easy to get expert advice and answers as you go, with a final review before you file for complete confidence.
Taxes done for you. A dedicated tax expert can handle everything, from start to finish, with TurboTax Live Full Service.
Stride members can get 25 percent off federal filing with TurboTax Self-Employed products. If you’re not already a member, you can sign up now to get your savings. If you’re already a member, sign in.
Limited time offer for TurboTax 2023. Discount applies to TurboTax federal products only. Actual prices are determined at the time of print or e-file and are subject to change without notice. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.