The good news for gig economy workers is that the Paycheck Protection Program (PPP), a provision of the CARES Act, has not forgotten about you.

Since the beginning, we’ve aimed to offer an easy-to-use platform for freelancers, like you, to take the guesswork out of setting money aside for taxes. Part of this solution is a dedicated, intelligent tax withholding account that automatically sets aside the amount you’ll need to cover your quarterly tax payments. 

And we’re excited to announce the tax withholding account feature is now even better!

Recently, the Tax Withholding Account feature in the RoamHR App got a security upgrade. Through a partnership with BBVA Open Platform, all new savings accounts will be opened at BBVA USA, Member FDIC, giving you one more layer of security and peace of mind for your hard-earned cash. 

If you’re a current user and decide to take advantage of the FDIC-insured account, it will be opened up in your name and will include some additional security questions. Have questions on getting setup? Check out our how-to here on connecting your current checking account. If you haven’t yet experienced the financial freedom RoamHR brings, sign up for a free 30-day trial today!

What this means for you.

One of the biggest challenges for freelance workers is saving the right amount from every paycheck to pay the IRS only what is owed, nothing more, and nothing less.

By using the Tax Withholding Account, our proprietary algorithm calculates what your estimated taxes are based on the income you are bringing in. It then allows you to move that portion of your income into the Tax Withholding Account to make sure you have the right amount to pay the IRS every quarter. No more guessing on estimated taxes, or remembering to save up — we do it for you.

How to set up and get the most out of your Tax Withholding Account.

Setting up your RoamHR Tax Withholding Account is just as easy as before. You can apply for and open the account through the app.

By connecting your current checking account, you’ll unlock a host of features, including the ability to transfer money between your connected checking account and your Tax Withholding Account.  This allows you to move the withholdings you’re going to need outside of your regular cash flow, which keeps you organized and on top of your finances —  right from your phone.

Not only will RoamHR automate your estimated tax withholdings (even if your income isn’t consistent), but we can also facilitate IRS payments on your behalf five days before the scheduled due date. Learn more about our IRS tax payment service.

Other FAQs you might have. 

While we’re hoping you’re just as excited about this next phase in the evolution of RoamHR, we understand you may still have some questions. Below are some of the more frequently asked ones, but if you have any other questions, shoot us an email at  support@roamhr.com, and we’ll get back to you in a jiffy! 

Q: Didn’t RoamHR already offer this?

A: Sort of. We offered a Tax Withholding Account for any user who connected their bank account to help them automatically save for their quarterly tax payments, but before it wasn’t FDIC insured, now it is. 

Q: What does FDIC-insured mean?

A: The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds’ depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Learn more here.

Q: Who is BBVA USA?

A: BBVA USA’s banking services are integrated in RoamHR through BBVA Open Platform. BBVA USA is a Sunbelt-based bank holding company whose principal subsidiary, BBVA, operates 649 branches, including 336 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th).

You likely have a stack of invoices and receipts piling up, and a bunch of concerns regarding whether you’re filing your taxes correctly. Make sure you store these important documents and track all of your expenses, even if it’s in a filing cabinet, spreadsheet, or glove compartment.

Or, better yet, track them digitally in an app like RoamHR (get your free 30-day trial here). Centralizing all your annual invoices, taxes, and expenses in a single place can give you the peace of mind you need to stay on top of things. 

To help you keep as much of your hard-earned pay as possible, we talked to three experts about some of the top deductions for self-employed drivers — especially the write-offs that are often overlooked. 

According to CPAs Tim Cistone and Brandon Masters and attorney Demetrius J. Robinson, you’ll want to check if these deductions apply to each of your quarterly tax payments. 

Everyday deductions

When you’re your own boss, your taxes look different than those with a W-2. Out-of-pocket purchases are frequent and can add up. Tracking all of your business-related purchases (and the use of your home in some cases) lowers your taxable income, meaning you keep more of your money.

Mobile and internet: The IRS lets you deduct 50% of the cost for your mobile phone and internet data plans. You can claim a deduction on 100% of the cost of the devices.

• Do you need a new phone? Getting a new one is a business expense that you can write-off. Keep everything itemized and sorted by downloading the RoamHR app.

Per-diem rates: Truck drivers can deduct 80% of the cost for meals, travel expenses, and incidentals while spending the night away from home. 

• The current per-diem rate set by the IRS is $66 per day. 

Personal items: Any necessities of being on the road are tax-deductible. This can include satellite radio subscriptions, laundry costs, purchases of a GPS, and logbooks.

• Purchase a pair of sunglasses or gloves? These are examples of expenses you can deduct on your taxes. You can even write-off the RoamHR app, which automatically calculates your anticipated income. 

Maintenance and upkeep costs: Regardless if you own or lease, you can deduct the cost of maintaining, cleaning, and repairing your truck. Note: if you do the work, you can only deduct the cost of the parts and not labor. 

• Need to replace your tires? What about new straps, load locks, or tarps? All of these can be written off on your taxes. 

Driving expenses: This includes business-related tolls, fuel, and parking fees.

• Did you have to pay more than $100 out-of-pocket for fuel and fuel cards? All of that can be deducted from your taxes. 

Make sure you save those receipts and itemize your write-offs.  We make tracking your deductions easy. Get your free 30-day trial here.

Business use of home expenses: You can deduct a portion of your housing expenses if you have a dedicated home office. These expenses include homeowners’ insurance, rent, repairs and maintenance, utilities, and security systems.

• Is your home office the primary place where you manage your trucking business?

Bonus depreciation: According to Trucks.com, “starting with the 2018 tax year, a business can deduct 100% of a commercial truck or other business equipment purchase as a bonus depreciation.” 

• In this change of legislation, purchases of used equipment also now qualify for this deduction.

Health insurance and retirement plans: You can deduct the cost of your health insurance, but only if you are not a W-2 worker that gets coverage from another employer.  The same goes for any contributions you make to a retirement plan. 

• You can deduct your health, dental, and long-term care insurance premiums, as well as the cost of premiums that cover your spouse or dependent.

Tax-specific deductions

Self-employment tax deductions: Any 1099 worker is required to pay both parts of FICA (Federal Insurance Contributions Act) taxes. However, you can deduct half of those payments as self-employment taxes.  Luckily, the RoamHR app instantly calculates a projection of your annual earnings, so you always know how much you owe.

Qualified Business Income Deduction: If you file your tax return as a sole proprietor, partnership or S-Corporation, you may be eligible for a deduction of 20% of your profit.  

When you’re a self-employed OTR driver, figuring out deductions and optimizing your finances falls squarely on your shoulders. Not anymore: RoamHR manages all of your finances in one location and can help you get an instant raise. Our easy-to-use, easy-to-understand platform was created to put money back in your pocket. Get your free, 30-day trial of RoamHR here. 

Recommended  reading:

• Four things every freelancer needs to know about taxes
• Why you should file taxes quarterly
• Impact of the January 16, 2019 IRS announcement on freelance workers

You likely have a stack of 1099s, a pile of invoices and receipts, and a bunch of concerns regarding whether you’re filing your taxes correctly. Make sure you store these important documents and track all of your expenses, even if it’s in a shoebox or envelope. Or, better yet, track them digitally in an app like RoamHR (get your free 30-day trial here).  Centralizing all your annual invoices, taxes, and expenses in a single place can give you the peace of mind you need to stay on top of things. 

To help you keep as much of your hard-earned pay as possible, we talked to three experts about some of the top deductions for freelancers — especially those that are often overlooked. According to CPAs Tim Cistone and Brandon Masters and attorney Demetrius J. Robinson, you’ll want to check if these deductions apply to each of your quarterly tax payments. 

Everyday deductions

As a 1099 employee, your taxes look different than those with a W-2. When you’re self-employed, out-of-pocket expenses are common and really add up. Tracking all of your business-related purchases (and the use of your home in some cases) lowers your taxable income, meaning you keep more of your money.

Startup-related costs: These are costs accrued in the process of getting your self-employed business off the ground. You may be able to deduct the expenses paid to start your business, such as advertising, transportation, consultant fees, travel, employee training and wages, and legal and accounting fees.

• Did you take an Uber or Lyft to a client meeting, order a small batch of business cards, or print your proposal at FedEx? These are all examples of expenses you can deduct on your taxes. You can even write-off the RoamHR app, which automatically calculates your anticipated income.

Organizational costs of forming your business: Large purchases that are considered to be capital expenditures, such as money spent upfront to purchase or repair assets, may be deducted over time through depreciation or amortization.

• Did your laptop die, or is it on its last legs? Getting a new one is a business expense that you can write-off. Keep everything itemized and sorted by downloading the RoamHR app.

Mileage and auto expenses: This includes standard mileage rates, business-related tolls, parking fees and auto depreciation each year.

• Did you have to travel to a client meeting and pay for parking? All of that can be deducted from your taxes. Make sure you save those receipts from the parking and log your mileage. According to the IRS, deductible business mileage in 2019 is $0.58 / mile.  We make tracking your mileage easy. Get your free 30-day trial here.

Business use of home expenses: You can deduct a portion of your housing expenses if you have a dedicated home office. These expenses include homeowners’ insurance, rent, repairs and maintenance, utilities and security systems.

• Is your home office 20% of the square footage of your home/apartment? Portions of your rent/mortgage, utilities, and internet can be deductions.

Health insurance: You can deduct the cost of your health insurance, but only if you are not a W-2 worker that gets insurance from another employer. 

• You can deduct your health, dental and long-term care insurance premiums, as well as the cost of premiums that cover your spouse or dependent.

Tax-specific deductions

Self-employment tax deductions: Any 1099 worker is required to pay both parts of FICA (Federal Insurance Contributions Act) taxes. However, you can deduct half of those payments as self-employment taxes. Luckily, we instantly calculate a projection of your annual earnings so you always know how much you owe. Check out the RoamHR app.

Qualified Business Income Deduction: If you file your tax return as a sole proprietor, partnership or S-Corporation, you may be eligible for a deduction of 20% of your profit.  

When you’re self-employed, figuring out deductions, tracking mileage and optimizing your finances often falls squarely on your shoulders. Not anymore: RoamHR manages all of your finances in one location and can help you get an instant raise. Our easy-to-use, easy-to-understand platform was created to put money back in your pocket. Get your free, 30-day trial of RoamHR here. 

Recommended  reading:

• Four things every freelancer needs to know about taxes
• Why you should file taxes quarterly
• Impact of the January 16, 2019 IRS announcement on freelance workers

That’s why we’re here to eliminate any confusion come tax time! Here are four top tax tips that will help any freelancer keep the most money in their pocket.

Centralize, centralize, centralize

We know what it’s like to be a part-time or full-time freelancer: At the end of every year, you likely have a stack of 1099s, a pile of invoices, and a bunch of concerns regarding whether you’re filing your taxes correctly. Centralizing all your annual invoices, taxes, and expenses in a single place can give you the peace of mind you need to stay on top of things. Think of it as simplifying your finances despite all the chaos. 

Itemize, itemize, itemize

Let’s face it: Collecting receipts is a pain, and it’s also a leading cause of desktop clutter. However, it’s important to understand exactly which expenses you can deduct from your taxes owed so that you can itemize them accordingly. Along with the tools and technology you need to do your job, you can also deduct mileage and expenses associated with business meetings and travel. As you’ll find out in a bit, there’s an easy way to track and calculate those deductions.

Quarterly payments will lessen your tax burden

Nobody wants to pay taxes four times a year! However, making smaller quarterly estimated tax payments can save you a significant amount of money (want to know more about quarterlies, read this post). When freelancers don’t pay estimated quarterly taxes, the money drain can really add up: The penalty is up to 6% for every month, and there are additional penalties for late-payments and underpayments. However, there are a couple of major challenges when it comes to quarterlies: One is calculating an estimate of your annual earnings in real-time, and the second is ensuring you have enough money on hand to cover your quarterlies. Luckily, we’ve figured out a way to handle both with ease. 

Make it easy to pay what you owe

Financial discipline is wonderful in theory, but the real world often doesn’t cooperate. You may intend to put some money away with every paycheck… but then your laptop breaks down, your car needs repairs, or your favorite band reunites to do a one-night-only show in your hometown. The point is, both good and bad surprises happen, and those surprises require money – money you should probably be saving for tax time. 

Whether it’s accurately estimating your annual pay, understanding if you should pay quarterly taxes, knowing what you can deduct, or making sure you have enough money to cover payments, it’s important to understand all the variables at play as a freelancer. Good news: There’s a single app to take the guesswork out of your taxes. 

RoamHR understands the tax challenges freelancers face, which is why our platform solves each of these pain points. Our app makes it incredibly easy for 1099 employees to save money, plan for quarterly tax payments, track mileage, and other deductible expenses, and automate your quarterly tax payments. The result is more clarity on your financial situation, more money in your pocket, and more freedom to do what you do best. 

Are you ready to start solving your tax headaches the easy way? Get your free, 30-day trial of RoamHR here.