Andrea Coombes

1 week ago | bankrate.com | Mallika Mitra |Andrea Coombes

Self-employed people have some extra work at tax time compared to their counterparts who receive a W-2 — and that often includes filling out Schedule C. This form is for reporting a profit or loss that you made as a freelancer or sole proprietor, and it should be attached to your Form 1040 when you file your taxes. What is Schedule C? Schedule C is where you report income and expenses for your small business as a freelancer or self-employed person, or as someone with a side hustle.

1 week ago | bankrate.com | Mallika Mitra |Andrea Coombes

If you’re self-employed, you’re not going to receive a W-2 from an employer like some of your peers. Instead, you’ll receive 1099 forms from the businesses, organizations or individuals you do business with. That said, there are many types of Form 1099 — and that means many taxpayers, not only self-employed people, can expect to receive this paperwork.

1 week ago | bankrate.com | Anna-Louise Jackson |Andrea Coombes

If you discover an error after filing your tax return — whether it means you owe more tax or you’re entitled to a bigger refund — you’ll need to amend your return. Form 1040-X is the form to use to correct previously filed tax returns. Among other fixes, you can use this form to claim tax benefits you qualify for but neglected to claim on your tax return when you filed it.

2 weeks ago | bankrate.com | Andrea Coombes |Johna Strickland

There’s no doubt TikTok can be entertaining, and there are legit financial experts on the social media app (dare we say, financial visionaries?). But there are also a lot of inexperienced people sharing questionable tips about tax deductions and credits. “Most TikTok-ers who are giving tax advice — a lot of them don’t have much knowledge in tax,” says Tia Uzzell, an enrolled agent, tax accountant and founder of Uzzell & Associates in Tampa, Fla.

2 weeks ago | bankrate.com | Kemberley Washington |Andrea Coombes

If you’re scrambling to file your taxes before the deadline, you’re not alone. Each year, millions of Americans request a tax extension, which gives you an extra six months to file your return to the IRS. A valid tax extension moves your filing due date from April 15 to October 15. More than 20 million taxpayers filed for an extension in 2024, according to IRS estimates. In fact, it might even make sense to file an extension if you expect to file your return on time.