San Jose, CA, United States, 4th Apr 2023 – FlyFin, the world’s leading AI tax preparation and filing service, announced an additional one-stop bundle of free tax tools and calculators designed to help freelancers and self-employed individuals simplify their tax preparation and maximize their deductions. The gig economy continues to expand, with the U.S. market projected to exceed more than 90 million self-employed individuals over the next five years. Navigating the tax landscape, however, is daunting for these individuals, who often have complex tax situations yet don’t have ready access to an in-house tax professional. With yet another new one-stop bundle of free tax resources, FlyFin further expands its support of freelancers and self-employed individuals, enabling them to take control of their finances.
According to a 2021 survey by the National Taxpayer Advocate, over 23 million Americans wait until the last two weeks before the tax filing deadline to prepare and file their tax returns. It found that most of the taxpayers who procrastinated cited their primary reasons for delaying were lack of time and money and the sheer complexity of the tax filing process. The number of tax procrastinators grew by approximately 11.7 million returns that the IRS had to carry over from the 2020 filing season. The report underscored that the IRS needs to improve the tax filing process and make it easier for all taxpayers.
FlyFin’s new bundle of free tax tools and calculators includes the following:
- Schedule C Tax Form Generator: This FlyFin tool helps self-employed individuals quickly generate Schedule C forms required to report profits and losses from their business. FlyFin’s tool simplifies the process of filling out the form, ensuring that all necessary information is included.
- State Income Tax Calculator: This tool helps individuals estimate their state income tax liability based on their earnings and filing status. The tool gives taxpayers a precise estimate of how much they will owe in state taxes.
- Self-Employment Tax Calculator: Using this tool, freelancers and self-employed individuals will obtain estimates of their tax liability, including Social Security and Medicare taxes. It will help them understand their tax obligations and plan to avoid underpayment penalties.
- Quarterly Tax Calculator: This tool helps taxpayers estimate their quarterly tax payments; all tax filers who expect to owe more than $1,000 in yearly taxes must pay quarterly taxes on time. Using the tool helps taxpayers avoid underpayment penalties, ensuring they pay the correct annual taxes.
- Standard Mileage versus Actual Expenses Calculator: This tax calculator helps freelancers and self-employed individuals determine which deduction method will result in the most significant tax savings when deducting their vehicle expenses for tax purposes.
- Standard versus Itemized Deductions Calculator: This tax calculator helps tax filers determine which deduction method will result in the greatest tax savings.
“FlyFin continues to help and empower freelancers and self-employed individuals so they can take better control of their finances and save more money. In addition to our industry-leading AI-based tax prep and filing app, our new bundle of free tax tools and calculators demonstrates our continued support to help freelancers, gig workers, creators and self-employed individuals,” stated Jaideep Singh, Co-Founder and CEO of FlyFin.
FlyFin’s suite of free tax tools and calculators is available now at FlyFin’s website at https://flyfin.tax.
FlyFin is an award-winning, AI-powered, web 3.0 platform that provides self-employed, sub-contractors, independent contractors, gig workers, freelancers and creator economy workers with a convenient, easy-to-use and affordable tax filing solution. FlyFin helps individuals maximize self-employment tax deductions and income tax refunds. With a “Man + Machine” approach, FlyFin leverages AI paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work required for 1099 self-employed individuals to prepare their taxes. FlyFin is a privately-held, venture-backed company based in San Jose, California.
Organization: Ignite X for FlyFin
Contact Person: Carmen Hughes
Contact Number: +1.650-576.6444
City: San Jose
Country: United States
Release Id: 0404232780
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No The Finboard journalist was involved in the writing and production of this article.