Portland Tax Blog

When you started your own company, you undoubtedly conducted a thorough review of the possible business entities you could have created. In the end, you chose a limited liability company for many reasons. Of course, you may still have concerns over doing your taxes in association with your company.

Just as with any other job you held, taxes play a major role in the running of your business and any profits you make. If you recently started your business, you may have not had to file your taxes in relation to the business as of yet. Still, you do not want to find yourself scrambling when tax time rolls around, and having the information ahead of time could prove immensely useful.

Gig worker is the new name for freelancer. No matter what you call yourself, you and many in California enjoy the freedom and flexibility of the job classification. The work you do is an important part of the economy. Whether you freelance as a writer, designer, artist, IT support or other industry, you allow business owners and others to operate with a low overhead.

However, the advantage you provide for your employers may be exactly the drawbacks to your job. You have no health insurance or other benefits, no steady income and no real security. Your employer likely does not deduct taxes from your check either. Among the many challenges you face as a freelancer is the preparation of your taxes.

Whether you have already filed or can feel the heat of the tax season deadline quickly approaching, you may have apprehensions regarding your tax return. Though some relief comes from completing the filing process, you may still worry that the Internal Revenue Service could contact you about an issue with your return or to conduct an audit.

Most California tax payers worry about the potential for an IRS audit. After all, dealing with taxes can be a complicated and stressful affair, and a simple mistake could easily throw your entire return off balance. Fortunately, the likelihood of facing an audit remains relatively low. Still, you could take steps to help yourself avoid an audit.

Taxes are complicated. This is a notion with which most everyone agrees. Because it can prove difficult to fully and correctly file tax returns, you — and many other California residents — may not know the best way to handle any issues that may arise with your particular tax situation. In fact, because of fears and anxieties, you may have avoided filing your taxes for a few years.

One of the main reasons individuals do not file their taxes relates to financial complications. A person may have filed a return, owed taxes, failed to pay those taxes in full and feared that another filing would result in more owed funds or repercussions for not having paid the previous deficits. While this can seem nerve-wracking, you may benefit more from filing than from avoiding your taxes.