Ruby Money

POV: You make paying taxes a moment to celebrate. "This was the first time I've had to pay quarterly taxes. Thank you for making it so easy. I am so proud of myself" "Not having to go to irs.gov to make a tax payment THE BEST. Thank you for making this so easy" "Paying taxes was super smooth, and I appreciate the text confirmations as well. I’m going all in on Ruby for this year" "OMG, there was confetti. How did you manage to make paying taxes fun?!"

Want to not F*ck up your taxes? On December 13th, I am hosting a live webinar to walk you though a few critical non-negotiables you need to do before Dec 31st to preserve your profits and save your sanity come tax time in April. 🗓 I will be joined by one of my favorite CPA and self proclaimed tax witch,  Bethany Swartwood 🧙♀️ who will be sharing tax hacks her clients use to save solopreneurs thousands on taxes.   You'll leave this session knowing: - How to do you own mini year end close (no accountant needed) - The most important deductions for freelancers and how to qualify for them.  - How to estimate your tax bill and avoid penalties.  - Options for contributing to tax-free investment accounts such as IRA’s, HSA’s and 529's 👇 Register with Link in comments below 👇 Oh, If you can't attend, I'll send you the reply

Plan to file taxes with freelance income this year? Tax season is a time that many approach with a mix of dread and anticipation. For freelancers and fractionals the process can seem especially daunting due to the unique tax considerations you face. Today, I'll demystify some key aspects of filing taxes as a solopreneur, from pass-through entities and Schedule C to 1099s, oh my! Why Solopreneurs Face Unique Tax Situations 🤔 Solopreneurs typically operate as pass-through entities, which means the business income "passes through" to the individual owner's tax return. Understanding this structure is crucial for accurate and efficient filing. Pass-Through Entity and Form 1040 📝 As a freelancer you are a sole proprietor by default and will file taxes using a form 1040. You are considered a pass-through entity, meaning your business income, deductions, and credits are reported on your personal tax forms. Same goes for single member LLC’s What is Schedule C? 🗃️ Schedule C is a tax form that you will attach to your Form 1040. It's essentially your business's "profit or loss" statement for the year. Here, you'll report your business revenue, expenses and deductions, and calculate your net profit or loss aka your "taxable self-employed" income. Unpacking the 1099 🧾 If you've done freelance work, consulted, or otherwise earned money outside of a traditional employer-employee relationship, you'll likely receive a 1099 form. This form reports income you've received from a particular client or vendor serve as official records of your earnings for IRS purposes. ⚡️Filing taxes as a solopreneur can seem daunting, but understanding these key components—pass-through entity structure, Schedule C, and 1099 forms—can demystify the process. 🔔Ready to be a tax-savvy solopreneur? I'll be breaking down more tax strategies and tips as we head into tax season. Be accountable and use that 'Follow' button to stay in the know. #Solopreneur #freelancelife #entrepreneur #freelancedesigner #coaching #fractionalexecutive

If you aren’t taking these freelancer write-offs you are lighting money on fire 💸 🔥 Back in the 9-to-5 grind, you had perks like corporate cards, office supplies, travel allowance, and even free coffee. But now you are the CEO (yay!) and one of the many perks to having your own business are write-offs. Let’s dig in. 𝐖𝐡𝐚𝐭'𝐬 𝐚 𝐖𝐫𝐢𝐭𝐞-𝐎𝐟𝐟? 🤓 𝑸𝒖𝒊𝒄𝒌 101: A write-off is an expense that lowers your taxable income. Less income means you owe Uncle Sam less in taxes. And no, you don't need to be an official LLC or anything fancy like that. Anyone that earned freelance income this year qualifies to tax write-offs. 𝐌𝐚𝐭𝐡 𝐓𝐢𝐦𝐞 👩🏫 You're a new marketing consultant in Atlanta. You will make $100k but also spend around $10k on software, travel and office equipment to get tour business off the ground. Without write-offs, you'd owe around $28,140 in taxes. Yikes! 😲 Claim those $10k in write-offs, and boom! Your tax bill drops to $24,227. That’s $3,913 back in your pocket! 🤑 𝐖𝐡𝐚𝐭 𝐂𝐚𝐧 𝐈 𝐖𝐫𝐢𝐭𝐞 𝐎𝐟𝐟? 📝 The IRS says you can write-off any expenses that are "ordinary" and "necessary" for your line of work. Here are some common write-offs #freelancers working as creatives and consultants take. 🖥️ Tech &Tools: Laptops, microphones, software subscriptions, even your cell phone and wi-fi. 💳 Admin Costs: Think website hosting, invoicing software, business registration fees. 🚗 On the Move: Going to a conference? Flights, Ubers and even that mid-air wifi are write-offs. 📚 Upskill: Online courses, workshops, coaches or even that subscription to Fast company 🏠 Office: You can take % of all your home expenses including landscaping, utilities and housecleaning. 👇 Comment “Write-offs” below and I’ll DM you 100 freelancer write-offs ———- 🔔 Ring the bell to get more freelance tips 🔄 Share to help your friends crush it in the freelance game! #consultant #freelance #solopreneur #writeoffs #AtlantaInfluencesEverything

Houseplants, check 🌵 Herman Miller chair, check 💺 Nespresso machine, check ☕ One of the biggest perks of working for yourself? Writing off your home office costs. While plenty of people WFH, only the self-employed get to write-off their housing costs. First, let's clear the fog. To claim this deduction, you've gotta meet two main criteria. ✅ Regular and Exclusive Use: Your home office should be used regularly and exclusively for business. That means no converting your desk into the family dining room at 5pm. ✅ Principal Place of Business: Your home office should be the primary location for your business activities. If you are renting an office at a nearby co-working space you can’t also take a home office deduction. Sound like you? Keep reading 👇 There are two methods to choose from to claim this deduction: 1️⃣ Simplified Method: This method allows you to deduct $5 a square foot for business use of the home. The maximum size for this option is 300 square feet. That's $1,500 off the bat 2️⃣ Business Use of Home Deduction: This one's for the detail-oriented among us. You will need to track all your home related expenses throughout the year and report them on your tax return. For those with high home expenses, you could save thousands each year with just this one deduction 💸 ⚡️ Comment “Home Office” and I’ll send you Ruby Money FREE home office expense worksheet so you can download to calculate your own deduction- just don’t tell you CPA we shared this with you 😉 --------------- Hit the 🔔 to follow along for more solopreneur tax savings tips.  🔄 Share this post to help your network crush solopreneur life ! 🙌  #solopreneur #freelancelife #fractionalexecutive

Hey Solopreneurs, listen up! If you've ditched corporate life and have to write checks to Uncle Sam yourself, this post is your new BFF. 💌 This is the first post in a new series where I will break down everything you need to know when you stop working for the man and start working for yourself. So let’s jump in! There are four types of taxes you will likely pay this year as solopreneur superstar. Fab Four of Taxes:🌟 Federal Income State Income Social Security Medicare Let's break it down, shall we? Federal Income Taxes Paid to our friends at the IRS. How much is determined by you filing status and how much you earn. There are seven brackets - 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The lower your taxable income is, the less you pay. Medicare & Social Security Taxes Also known as "Self-Employment Taxes." These babies are a flat 15.3% of your income (12.4% for Social Security and 2.9% for Medicare). If you previously had a full time job your employer payed half and the remaining half was taken out of your pay check. Now, you're the boss and the employee, so you get to pay both. Lucky you! 😒 State Income Taxes Ah, the state wants its cut too. Rates vary, but if you're in California or New York, brace yourself for up to 12% of your taxable income going to the state- on top of your federal income tax. On the flip side, seven states - Alaska, Nevada, Florida, Wyoming, New Hampshire, Tennessee, Texas and Washington - have no state income taxes. Now for some some quick math.. Let's say you are living in California, single, pulling in $100,000 a year with zero expenses. Your tax breakdown would look something like this: Federal: $23,356 Self-Employed: $14,130 State: $4,784 That adds up to $28,140 or about 28% of freelance income. Most knowledge worker freelancers (creatives, business consultants, coaches, etc) don’t have a lot of hard costs so taxes will likely be your single largest expense. Sooo…knowing your tax expense can help you back into the appropriate pricing to hit your take home income goals. I’ve linked a free self-employed tax calculator I built in the comments. Please use it to get estimate your personal tax expenses for this year. 📊 My next post will be all about one of my favorite things to hate- #quarterlytaxes- What are they, who needs 'em, and how do you pay? 🤔 ------------------------- Wanna thrive as a solopreneur? 🌱 🔔 Follow yours truly, Angie Moody from Ruby Money 🔄 Share this post to help your network crush that solopreneur life . 🙌 📱Let Ruby Money pay your taxes for you. 💸 #solopreneur #freelancelife #freelancemarketing #freelancedesign #fractionalexecutive

If you consulted or freelanced this year in the U.S. and haven’t paid taxes yet.. this post is for you👇 This week, 73 million U.S based freelancers are on the hook to send a tax payment to the IRS. Not doing so will result in costly interest compounding fines. But Whyyyy😩 When you freelance, there is no HR department withholding taxes from your gross income. It’s on YOU (as your own employer) to guestimate what you owe, and send money to the IRS on four dates set by the IRS each year. September 15th is one of these dates. The Catch 🤯 Figuring out HOW MUCH to pay in taxes is really really really hard. It requires having access to a CPA (or understanding complicated IRS worksheets), having detailed up to date book keeping records and a crystal ball 🔮 to predict how much you will earn the rest of the year. Many freelancers I meet do what a lot of us do when we have an icky problem we don’t know how to solve We ignore it. 🧹 it under the rug. But that is a costly mistake. The Solution 💡 Ruby Money is on a mission to help freelancers avoid this mistake and stay compliant. Our team has taken the complex formulas CPA’s use to calculate estimated taxes (known as the annualized installment method) and made it available for FREE. GRATIS! 🆓🎟️ In < 5 minutes, you can download the Ruby Money app, connect a bank account and get a personalized tax bill estimate based on your actual freelance income. The app will also uncover tax breaks that can reduce your tax bill by 20%. (link to the app below in comments) Comment “Freelance” below and I’ll DM you our free tax deduction cheat sheet and guide to Aceing self-employed taxes (because knowledge is 💪) Taxes can be 😳, but you are not alone. You got this! #freelance #taxes #solopreneurlife