It’s not uncommon for teens and young adults to become entrepreneurs even before they get their first position as an employee. For example, many kids start babysitting, mowing lawns, shoveling driveways, walking dogs, and more to make a little bit of cash. But because none of these are W-2 jobs, they are considered independent contractor [...]
If you are an independent contractor or small business that accepts payments through any third-party network — say you provide freelance services, sell art on Etsy, drive for Uber, deliver for DoorDash, or walk dogs through Wag — you will likely be receiving a 1099-K this year (even if you have not in previous years). [...]
There is an increasing number of self-employed and freelance workers in the U.S. every day — in fact, the Bureau of Labor and Statistics projects there will be 103 million self-employed workers by 2026. If you are someone who conducts business as a sole proprietor or independent contractor, here’s what you need to know about [...]
As of January 24, the 2022 tax filing season has officially begun. Here’s what you should do to prepare for filing this year before the April 18 deadline. Collect your documents In order for you or your tax preparer to file an accurate return, it’s important to collect all the necessary documents before filing. It [...]
Business deduction strategies Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business tax-deduction [...]
The year is nearly over, and as we head into the final month of 2021 it can be helpful to review some year-end tax tips for your personal and family finances. The following guidelines may help you either increase the amount of your income tax return, increase possible deductions, or decrease/eliminate certain taxes. Marriage, kids, [...]
The NFL season is upon us again, and a record high of 45.2 million Americans plan to place bets on this season’s results. If you are among them, it’s important to know what it means if you win — in other words, how much you’ll owe the IRS. All income is taxable, and sports bet [...]
Keeping your data and private information secure is important in every facet of life and business — and protecting your tax information is one of the most critical ways to help prevent data and identity theft. We want to make sure you are always well-equipped with best practices for safeguarding your data, taking proper security [...]
Federal taxes have been around for over 100 years (since 1913), and the IRS has been around even longer (since way back in 1862). But that doesn’t mean managing your taxes needs to be an archaic process. To help you keep your taxes up to speed with the digital world, the IRS allows you to [...]
There are various situations in which someone must issue a 1099 form to another party, one of the most common being a vendor offering services to another company. In other words, any independent contractor that is not included on company payroll. Other situations include paying interest on a private loan or dividends paid to shareholders [...]
