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. We invite you to learn more about the free tax filing services offered by OC Free Tax Prep.
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:
- Car and truck expenses
- Commissions paid
- Legal services
- Office expenses
- Repairs and maintenance
- 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.
Get Fee Tax Filing Services
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. Eligible individuals have a couple of options:
- Visit com.
- Make an appointment at one of our VITA locations to work directly with an IRS-certified volunteer.
Additionally, note that some entrepreneurs may be eligible for the California Earned Income Tax Credit—which would put some additional money in your pocket. Our IRS-certified tax preparers can discuss more about claiming this credit at your appointment.
Not all self-employed entrepreneurs are eligible for these free tax-filing services; for example, you must have business expenses that are less than $25,000; use cash accounting; have no net loss; and have no employees, among other criteria.
To learn more about your eligibility, or to get your taxes done today, we invite you to contact OC Free Tax Prep or the Orange County United Way today.