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OC Free Tax Prep Offers Seasonal Solutions for Entrepreneurs

 

For self-employed business owners, tax season can be daunting, to say the least. It takes a lot of effort to get your taxes filed accurately and in a timely manner—to say nothing of time, which is always a scarcity for entrepreneurs.

For eligible entrepreneurs in Orange County, however, there are resources available to make tax season not just easier, but potentially more financially beneficial. 

Tax Filing for Self-Employed Entrepreneurs

To begin with, note that, according to the IRS, self-employed denotes individuals who control the method and means by which they perform services for others. In other words, they aren’t employees; they are independent contractors.

Self-employment can come with some added tax burdens, but also opportunities to claim deductions. For example, self-employed entrepreneurs can claim any expenses that are ordinary and necessary for their business—including:

  • Advertising
  • Car and truck expenses
  • Commissions paid
  • Insurance
  • Legal services
  • Office expenses
  • Supplies
  • Repairs and maintenance
  • Utilities
  • Phone services

Self-employed entrepreneurs must report all income, including cash, on Schedule C or Schedule C-EZ forms—regardless of whether they received a 1099 or not. For tax purposes, self-employed profit or loss is the sum of all self-employed income minus all self-employed expenses.

Free Tax Preparation for Self-Employed Entrepreneurs

For eligible self-employed individuals in Orange County, we are proud to announce free tax preparation services—helping you get your taxes done with minimal hassle, all while optimizing refunds and credits.

Our tax filing services are provided through a partnership between the IRS and more than 30 private and public partners in Orange County. Some entrepreneurs may be eligible for the California Earned Income Tax Credit which would put some additional money in your pocket. 

Not all self-employed entrepreneurs are eligible for OC Free Tax Prep’s services; for example, your household income must be less than $60,000 and your business expenses must be less than $30,000; use cash accounting; have no net loss; and have no employees, among other criteria.

This year, OC Free Tax Prep recommends that eligible entrepreneurs use its new Virtual Tax Prep Service

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