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Free Tax Resources

Avoid the headache during tax preparation & filing – check out our free tax resources and simplify your tax season!

Simplify your taxes with Lili's Tax Preparation Software

Running your own business can be taxing enough.
So make sure you pay only what you actually owe.

Up to 71% off with Keeper

Lili customers save big on Keeper tax services this tax season: 53% off for Lili Basic, and 71% off for Lili Pro!

 

If you’re not a Lili customer, open a Lili business account today to receive this offer. Offer available for single member LLCs and sole proprietors only.

Let us do the math for you with our Self-Employed Tax Calculator!

Get an instant estimate of your tax liability for 2022.

Estimated Income

$

Estimated Expenses

$

Select State

*Please select a state

$Taxes

$set

Self-Employment Tax (Federal)

$it

Income Tax (Federal)

$sit

State Income Tax (Ma)
With a taxable income of

$20,000


in Colorado, your total estimated tax liability for 2023 is

$3,938

Let us do the math for you with our Self-Employed Tax Calculator!

Get an instant estimate of your tax liability for 2022.

What taxes to pay if you're self-employed

Here’s the short version: as a self-employed individual, you pay two types of taxes – the self-employment tax and the income tax.

How much is the self-employment tax?

The self-employment tax is a flat 15.3% on your net income. It covers your contribution to Social Security (12.4%) and Medicare (2.9%). You owe self-employment tax, no matter how much money you make.

How to calculate self-employment taxes

You owe taxes on your net income at the federal and the state level (unless your state doesn’t have an income tax). The percentage depends on your net income and filing status. And, it’s progressive, meaning you don’t pay the same percentage on all of your income.

How to calculate your net income

Your net income is the result of your gross profit (how much money you made) minus your business expenses (how much money you spent to run your business).

Simplify Tax Season with Lili

 

With Lili, categorizing your expenses is quick and painless. And, when tax season rolls around, Lili generates a prefilled Schedule C form based on what you’ve already categorized, so you can save time and money during tax prep!

Avoid the headache next tax season and sign up with Lili today.

 

Lili's Tax Optimizer tools includes a prefilled Schedule C Form based on expenses categorized via the Lili App

Business Tax Deadlines in 2023

When is the deadline for your 2022 business taxes? We’ve compiled a list of tax form filing deadlines (and extension deadlines) for each business structure.

Form Number

Deadlines

Extension

Partnership & Multi-Member LLCs

1065 – Return of partnership income March 15, 2023 September 15, 2023
7004 – Extension for business income tax

S Corporation

1120-S – Tax return (S-corp) March 15, 2023 September 15, 2023
7004 – Extension for business income tax

C Corporation

1120 – Tax return (corporation)

1120-W – Estimated tax for corporations

April 18, 2023 October 16, 2023
4868 – Extension for individual income tax

Sole Proprietor

1040 – Individual tax return

1040-ES – Estimated tax for individuals

April 18, 2023 October 16, 2023
4868 – Extension for individual income tax

Employers: Wages

W-2 – Wage and Tax Statement January 31, 2023
W-3 – Transmittal of Wage & Tax Statements
W-4 – Employee’s Withholding Certificate February 15, 2023

Employers: Taxes

941 – Quarterly tax return for employers Q1: April 30, 2023
Q2: July 31, 2023
Q3: October 31, 2023
Q4: January 31, 2023
944 – Employer’s Annual Federal Tax Return January 31, 2023

Employers: Health Coverage

1095-B – Health Coverage February 28, 2023
If filed on paper
March 31, 2023
If filed electronically
1094-B – Transmittal of Health Coverage Information Returns
1095-C & 1094-C – for employers with 50 or more employees

Forms 1099

1099-NEC Nonemployee Compensation February 1, 2023
1099-MISC – Miscellaneous Income March 1, 2023
If filed on paper
March 31, 2023
If filed electronically
1099-KPayment card and third-party network transactions February 28, 2023

 

Frequently Asked Questions

Whether you have a specific tax question or are just generally unsure about tax season, we clear up some of the confusion below.

Preparing Tax Documents
What tax documents do I need if I'm self-employed?
Where can I find IRS Form 1065?
Do I need to collect physical copies of all of my receipts tor tax purposes?
Where can I get a Schedule C form?
Where can I get a Schedule SE form?
Where do I get my 1099 form?
Do I need form 1099-K?
What documents do I need to bring to a CPA?
Tax Deductions
What types of business expenses are tax deductible?
Can I deduct rent if I have a home office?
How do I deduct mileage if I used my car for business travel?
Filing Taxes
When is the filing deadline for 2022 taxes?
When is the deadline for e-filing taxes?
Can I file my taxes late?