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How do I file taxes as a freelancer or self-employed worker?
Contributed by: Joshua C, FreeTaxUSA Agent, Tax Pro There are many advantages to working as a freelancer, contractor, or other self-employed person, but taxes often don't feel like one of them. Unlike traditional employees, you don't have an employer withholding taxes for you or providing a W-2 to easily report your income…
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How do I enter my home as a depreciable asset when renting part of the home?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro With the introduction of online rental portals, some homeowners are making additional income by renting part of their home, from a single bedroom to an entire section of the house. Renting out part of your house while you still live there can create tax complexities. For…
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How to calculate partnership basis when a distribution is greater than the basis
Contributed by: AnthonyS, FreeTaxUSA Agent, Tax Pro It’s nearing the tax filing deadline, and you finally get a copy of your Schedule K-1 from your partnership. As you enter the information into tax software, it asks questions about partnership basis and distributions. What does all of this mean, and why is the software…
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How do I enter a business/rental asset in FreeTaxUSA?
Contributed by: LynR, FreeTaxUSA Agent, Tax Pro If you own a business or rental property, you likely have assets you need to depreciate over time. This article explains how to enter those assets in FreeTaxUSA. It doesn’t explain which depreciation method to use or how to calculate depreciation. For more information about…
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How do I make sense of a depreciation schedule/worksheet?
Contributed by: LynR, FreeTaxUSA Agent, Tax Pro Are you preparing your own tax return for the first time? If you have a business or rental property, depreciating your assets can feel intimidating — especially if you’re not familiar with the depreciation schedule that accompanies your prior tax return. When you have a…
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Is rental income taxable if you rent for 14 days or less?
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro If you’re like many Americans, you may be renting out a portion of your home on platforms such as Airbnb or VRBO for additional income. Or you may even have an entire house you rent out regularly for short-term stays or long-term rentals. In most instances, this income…
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What do I need to know about the 2026 midyear standard mileage rate increase?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro Have you been feeling some pain at the gas pump lately? If you use your vehicle for business or medical purposes – or for moving purposes as a member of the active-duty military or as an employee or new appointee of the intelligence community – there's some good news. Due to…
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What are the tax implications of selling rental property with multiple owners?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro George and an investor friend purchased a home to rent out. The goal is to hold onto the home, collect rent, wait for the value to increase, and then sell the home to earn a gain on their investment. Selling the house will raise several tax considerations that George and…
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How do I allocate expenses for two different home offices for the same business?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro With gig businesses growing rapidly, many business owners are using a room or space in their home as a home office or workspace. If you qualify, you may be able to claim a home office deduction for the business use of your home. Two methods are available: Simplified…
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Do I need a Schedule C?
Contributed by: AndyS, FreeTaxUSA Agent, Tax Pro If you own a small business, perform contract or freelance work, or pick up side gigs for extra money, the IRS usually considers you self-employed. If that sounds like you, you’ll typically report that income on Schedule C. What is Schedule C? Let’s start with the basics.…