Emily Rodriguez
Freelance Designer
28
Age
Single
Status
0
Children
Sole Proprietor
Employment
Annual Income
$75,000
Financial Overview
Current Tax Paid
$15,000
Total Deductions
$18,000
Bank Statement Summary
Variable monthly income Software subscriptions Coworking space fees Quarterly tax payments
Tax Return Summary
1099 Income SEP IRA contributions Health insurance deduction Business expenses
Detailed Bank Statements
Income (Monthly Average): - Web Design Projects: $4,000-6,000 - Brand Identity Projects: $2,000-3,000 - Retainer Clients: $1,500 - Digital Product Sales: $500-1,000 Business Expenses: - Software Subscriptions: * Adobe Creative Cloud: $79.99 * Sketch: $9.99 * Figma Professional: $15 * Web Hosting: $25 * Project Management Tools: $35 - Office & Equipment: * Coworking Space: $350 * MacBook Pro Payment: $200 * iPad Pro Payment: $100 * External Monitor: $40 - Professional Development: * Online Courses: $50 * Design Books: $30 * Conference Savings: $200 - Marketing: * Website Hosting: $20 * Portfolio Platform: $15 * Social Media Tools: $30 - Insurance & Benefits: * Health Insurance: $400 * Professional Liability Insurance: $50 * Disability Insurance: $75 Savings: - Tax Savings Account: 25% of income - SEP IRA: 15% of income - Emergency Fund: $500/month - Business Development: $300/month
Detailed Tax Returns
Schedule C Income: - Gross Receipts (1099-NEC): $65,000 - Digital Product Sales: $10,000 - Total Income: $75,000 Business Expenses: - Software & Subscriptions: $1,968 - Office Rent (Coworking): $4,200 - Equipment & Depreciation: $2,500 - Professional Development: $3,360 - Marketing & Website: $780 - Insurance: $6,300 - Home Office Deduction: $1,200 - Travel & Transportation: $1,800 - Supplies & Materials: $950 - Professional Services: $1,200 - Total Expenses: $24,258 Adjustments & Deductions: - Self-employed Health Insurance: $4,800 - SEP IRA Contribution: $11,250 - Qualified Business Income Deduction: $10,148 Tax Calculations: - Adjusted Gross Income: $58,950 - Taxable Income: $46,600 - Self-employment Tax: $10,598 - Income Tax: $5,402 - Total Tax: $16,000 Quarterly Estimated Tax Payments: - Q1: $4,000 - Q2: $4,000 - Q3: $4,000 - Q4: $3,000
