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
