Bonus: Smart Tax Moves Every Solopreneur Needs to Know
So Money with Farnoosh Torabi
Farnoosh Torabi
4.7 • 2K Ratings
🗓️ 7 April 2026
⏱️ 28 minutes
🧾️ Download transcript
Summary
This special bonus episode of So Money is brought to you by TurboTax Experts for Business.
And today, we are tackling a topic that so many of you are thinking about right now… taxes.
If you are freelancing, consulting, running a side hustle, or fully self-employed, this episode is for you.
Because here is the truth. No one really prepares you for this part of entrepreneurship. One minute you are feeling proud of the income you are generating on your own, and the next you are wondering, wait… what does this mean for my taxes?
Joining the show is CPA and TurboTax expert Lisa Greene-Lewis, who has more than 20 years of experience helping individuals and small business owners navigate the tax code. She has also been self-employed herself, so she gets it. The overwhelm, the confusion, and yes, the fear of doing something wrong or leaving money on the table.
We unpack:
- The biggest mistakes solopreneurs make when filing taxes and how to avoid them
- What you actually need to know if you are earning income outside a traditional job
- Why quarterly estimated taxes matter and what happens if you skip them
- Deductions you might be missing, including home office, startup costs, and even your car
- How to stay organized without making this a full-time job
- What really triggers an audit and what does not
- Whether filing an extension is a smart move
How TurboTax Can Support You
One of the things I appreciate about TurboTax Experts for Business is that you have options.
You can file your taxes working alongside an expert, or you can hand it off to a pro who can do it for you! - either way, you’re matched with an expert that knows your specific industry. That part is key. Whether you are a freelancer, consultant, or small business owner, you can get matched with someone who knows your world.
They also offer year-round support, which means you do not have to wait until next April to ask your questions. And with new tools, including AI features, they can help you stay organized and even uncover deductions you might not realize you qualify for. Visit TurboTax.com/Business to learn more.
Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open!
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | Smart tax moves every solopreneur needs to know. |
| 0:04.1 | You're listening to So Money with award-winning money guru Farnush Karabi. |
| 0:09.0 | Each day, get a 30-minute dose of financial inspiration from the world's top business minds, |
| 0:14.3 | authors, influencers, and from Farnoose yourself. |
| 0:18.3 | Looking for ways to save on gas or double your double coupons? Sorry, you're in the |
| 0:23.4 | wrong place. Seeking profound ways to live a richer, happier life. Welcome to So Money. |
| 0:31.0 | Solopreneurs are so busy. You could leave out a 1099, but also what could be costly is leaving out receipts for items that are |
| 0:41.2 | deductible. You don't want to forget anything directly related to your business. And then I've |
| 0:46.3 | also seen business owners, sometimes they're hesitant to take certain deductions because they |
| 0:52.3 | think it's going to be like an audit red flag when in |
| 0:56.7 | reality less than one percent of people are audited. But I've seen that like with the home |
| 1:02.3 | office deduction, people think that's a red flag. This episode is brought to us by TurboTax |
| 1:08.9 | experts for business. Welcome back to So Money, |
| 1:12.4 | everybody. I'm Farnoosh Tarabi. If you've ever had that moment, maybe it's late at night, |
| 1:17.3 | you're catching up on emails, finally feeling proud of the income you're generating on your own, |
| 1:23.1 | and then it hits you. Wait a minute. What does this mean for my taxes? Because no one really prepares |
| 1:28.1 | you for this part of entrepreneurship. Not the forms, not the deadlines, and definitely not feeling |
| 1:33.5 | that you might be leaving money on the table or worse doing something wrong. Whether you're |
| 1:38.7 | freelancing, consulting, running a side hustle, or fully self-employed tax season can feel like the one place where confidence quickly turns into confusion. |
| 1:48.4 | So today we're tackling this head-on. |
| 1:50.6 | This bonus episode is all about helping you feel more in control of your taxes |
| 1:54.4 | because this is something so many self-employed listeners and small business owners are thinking about right now. |
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