Going into your business for yourself comes with a unique set of challenges and daily decisions: How much will I earn today? When and where are the best times to work? How do I keep track of multiple jobs? The flexibility of independent work is great, but the anxiety and confusion of managing the day-to-day tasks can be overwhelming.
This is especially true when it comes to filing taxes. Unlike traditional employees who receive W-2 forms from their employer, independent workers must navigate the filing process on their own. From deciphering deductible expenses, reporting income across multiple jobs, and avoiding unnecessary fees, it can feel daunting to even get started.
That’s where Solo can help. Solo is the all-in-one mobile app that enables workers to confidently go into business for themselves and take on both the daily and long term challenges of independent work. Solo’s suite of business management tools makes it easier than ever to manage, track, and optimize income and expenses from multiple sources in one seamless operating system, including in-app tax filing and support from tax experts.
In this blog, we’ll review how Solo is making it easier than ever to go into business for yourself by managing the administrative aspects of your business, and why filing taxes with Solo is the best solution for all filing situations.
Start Filing Your Taxes Today with Solo!
Everything You Need to Manage Your Business of One
Keeping track of income and expenses are the most important variables to consider when going into business for yourself. Accurately reporting your income and maximizing your deductible expenses can help you save money when you file. Plus, knowing how much you can expect to owe come tax time is a huge advantage so you can plan ahead. Solo’s business tools make tracking your information easy and take the stress out of planning ahead for tax season:
Income Tracking
Independent workers are required to keep track of all sources of income throughout the year in order to accurately report your earnings when it comes time to file. If you work multiple jobs, it can be hard to remember to track every pay stub and job completed. With Solo, you can seamlessly connect your app-based platforms to automatically track your earnings from each completed trip, and manually input income from non-app based jobs. With all your income tracked in one interface, reporting on your income for tax season can be much easier.
Expense Tracking
It’s also important to track business expenses throughout the year so you can maximize your tax deductions where possible. All business related expenses, including miles driven, work equipment like delivery bags, phone plans, or a Solo subscription, can be deducted from your gross income. With Solo’s Trips feature, you can automatically track your mileage on every job and categorize your miles between work and personal. Easily add additional expenses through the Expense tracker and upload receipts to keep things organized. With all your work expense information at your fingertips, you can maximize your deductions and keep more of your hard-earned cash.
Project Your Taxes
It can be easy to forget to set money aside in case you owe when tax season comes around. Solo’s Tax Projection feature helps alleviate the stress by using your income and expenses tracked to monitor your Net Income and provide you with updated tax projections to estimate how much you’ll owe. When you track your work information, Solo can help you maximize your deductions so there are no surprises when Tax Day arrives.
Filing Your Taxes with Solo Has Never Been Easier
We’ve partnered with the experts at Column Tax to support workers of all types file their taxes with confidence. Workers can file both their state and federal taxes quickly and accurately in the Solo app regardless of their filing situation.
Seamless Filing within the Solo App
Whether you’ve been tracking your income and expenses with Solo throughout 2023 or only recently started, Solo is making it easier than ever to file from the app. Now, Solo will pre-fill your Schedule C mileage and expense information based on the information you’ve already tracked. If you want to review your information before you get started, you can also easily export and download your Income and Expense reports directly from the Solo dashboard.
Any Tax Situation at an Affordable Price
Taxes are not one size fits all, and there are many unique tax filing situations out there, like reporting income from multiple jobs or filing jointly with a spouse. Luckily, Solo’s tax integration enables workers from all situations to confidently file and the tax experts at Column Tax are available to answer any questions every step of the way.
Filing your taxes with Solo is also a very affordable option for workers of all types. With a Solo Pro or Pro Plus subscription, active subscribers can enjoy FREE tax filing. For those on a Basic subscription, you can file for a FLAT FEE of $30 and never any upsells. If you aren’t ready to subscribe to Solo but want to take advantage of the tax filing service, file for a $50 flat fee and no upsells.
Oh, and did we mention that Solo subscriptions are 100% tax deductible?
Get Started on Your Taxes Today with Solo
