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The 1099 Economy – Get your tax moves down now!
The 1099 Economy – Get your tax moves down now! If you have a number of part-time jobs through the use of internet tools like Uber you will need to make sure you understand your tax obligations. Waiting until the year is over will be too late. With the move towards the Gig economy many more taxpayers are working for others on a part-time basis. So whether you are picking up a few dollars driving for Uber or are delivering meals for a local restaurant here is what you need to know. Employee or contractor? Determine if your employer is
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Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
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Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return. Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
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Contractor or Employee? Knowing the difference is important
Too many small businesses have been taxed and penalized for having independent contractors that the IRS believes should be employees. This is even more critical given the requirement to have health insurance. Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of numerous IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare taxes, and other employment related taxes. Here is what you need to know. The basics As the worker. If you are the worker and you are not considered an
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Understanding Your Special K’s – 1099-Ks are now being subject to underreporting IRS audits
Understanding Your Special K’s – 1099-Ks are now being subject to underreporting IRS audits The IRS recently announced it is going to conduct automated audits of 1099-K filings against business income. This includes unicorporatated small businesses filing Schedule C with their Form 1040. How do you protect yourself from this audit risk? For the first time, the IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns (including those reported on 1040 Schedule C tax returns). Knowing how this impacts you can save you an unwanted IRS correspondence audit. Background A couple of
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Check Those 1099s
Check Those 1099s As you receive informational tax forms like W-2s and 1099s, you will want to make sure they are correct and received on a timely basis. Here are some tips to make this part of your tax filing experience smooth. Now is the time you will start receiving year-end informational tax forms. We’re all fairly familiar with W-2s from our employer, but you will also probably receive a number of different 1099s. Make your tax filing experience smooth this year by staying on top of these informational tax returns. Here are some tips. Know the different types of
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