03/04/2019 14:00:00

Self-employed tax advice available to H&R Block online filers

KANSAS CITY, Mo., April 03, 2019 (GLOBE NEWSWIRE) -- Last year taxpayers, including the self-employed, were told everyone would be impacted by tax reform in 2018. Now taxpayers are filing those returns and H&R Block (NYSE: HRB) is helping them understand what that means for them. For self-employed filers this can mean additional questions about the qualified business income deduction and if the individual tax benefits they claimed in years past are still available to them. To file an accurate tax return, H&R Block encourages self-employed taxpayers to make sure they have all the necessary tax documents and select a tax preparation method that best fits their needs.

“The complexity of taxes is often made even more complicated when the taxpayer is self-employed or has a side job. But that doesn’t mean these filers can’t take advantage of the savings and convenience of DIY tax prep,” said Heather Watts, senior vice president and general manager of digital at H&R Block. “With H&R Block online and software products, the interview process allows clients to simply answer questions about their financial situation and see how their choices and circumstances impact their tax outlook.”

Make a personalized tax prep checklist

Making a personalized tax prep checklist is the best way to ensure the proper documents are on hand when starting tax prep, which can help the process go more smoothly.

“Not having the documents you need to prepare your tax return can be frustrating and can cause you to file an inaccurate return that might lead to under- or over-payment of your tax liabilities. Even when filing in the comfort of your own home, having the documents you need really can save you time, money and added stress,” Watts said.

In addition to documents needed about other aspects of their financial lives, self-employed taxpayers will need information that details these financial transactions, expenses and outcomes:

  • All business income, whether reported on Forms 1099-MISC and 1099-K or not.
  • Business/self-employed expenses – mileage, advertising, legal fees, employee wages, business insurance, office expenses, supplies, etc.
  • Cash or accrual accounting method
  • Inventory
  • Net gains or losses
  • Prior-year, unallowed passive activity losses

With this necessary information at hand, clients can be confident they receive every credit and deduction they deserve to ensure a maximum refund.  

Decide how to file – the clock is ticking

Filing by the April 15 deadline helps taxpayers avoid potential penalties and fines, as does using a product that meets individual taxpayer needs. H&R Block’s Self-Employed online product is designed specifically for taxpayers reporting self-employment and small business income, the Premium online product is best suited for freelancers, contractors and investors with simple earnings and expenses.

“Despite changes due to tax reform, selecting the right tax prep method depends on individual comfort level. H&R Block’s online tax preparation products are designed to help consumers feel confident whether they’re filing as a freelancer, small business owner or independent contractor. Plus, clients can get extra assistance by adding Ask a Tax Pro for unlimited chat and screen sharing with a tax pro or Tax Pro Review to have their tax return checked, signed and filed by a tax pro,” Watts said.

Additionally, H&R Block’s Self-Employed online product integrates with mobile expense tracking app Stride Tax, which automates mileage tracking and helps clients discover tax deductions unique to their profession. The integration allows Stride Tax customers to download their related business expenses directly into H&R Block Self-Employed and automatically categorizes them for the user. The Stride Tax app is in the Apple and Google Play stores.

Taxpayers have multiple ways online to access H&R Block, including through the H&R Block apps, H&R Block online products, downloaded H&R Block software products, virtual tax prep with Tax Pro Go or an appointment at an H&R Block retail tax office. To find the nearest H&R Block tax office, visit hrblock.com or call 800-HRBLOCK.

About H&R Block

H&R Block, Inc. (NYSE: HRB) is a global consumer tax services provider. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products for the DIY consumer. H&R Block also offers adjacent Tax Plus products and services. In fiscal 2018, H&R Block had annual revenues of over $3.1 billion with over 23 million tax returns prepared worldwide. For more information, visit the H&R Block Newsroom.

For Further Information

Investor Relations: Colby Brown | (816) 854-4559 | colby.brown@hrblock.com

Media Relations: Susan Waldron | (816) 854-5522 | susan.waldron@hrblock.com

HRB horizontal 376C_BLACK.jpg

Related content
28 Aug - 
H&R Block Announces Fiscal 2020 First Quarter Results
22 Aug - 
H&R Block Announces Quarterly Cash Dividend
07 Aug - 
H&R Block to Release Fiscal First Quarter Results Augus..

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg


EuroInvestor: In Focus


EuroInvestor: In Focus


EuroInvestor: In Focus

Most read news

  • 24 hours
  • 48 hours
  • 1 week
UPDATE - Yoko Ono and John Lennon Educational Tour Bus “Imagine A City With No Gun Violence!”
Translate Bio Announces Pricing of Public Offering of Common Stock
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of SAExploration Holdings, Inc. - SAEX
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Pluralsight, Inc. - PS
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Nektar Therapeutics - NKTR

Related stock quotes

H&R Block Inc 24.05 0.0% Stock price decreasing

Latest news

Copyright Berlingske Media 2019  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
18 September 2019 06:53:54
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20190829.2 - EUROWEB1 - 2019-09-18 07:53:54 - 2019-09-18 06:53:54 - 1000 - Website: OKAY