One of the great things about being self-employed is that no income tax is withheld from your compensation. But you still have to pay taxes on that income and sometimes, your 1099 tax forms will have mistakes. Here’s how to deal with 1099-Misc problems.
Why is a 1099-MISC is Necessary?
The IRS will often still have some idea of how much money you’ve made. Your clients must complete IRS Form 1099 if they’ve paid you more than $600 over the course of the year. Read More
Whether you’re filing taxes yourself or having a tax preparer do them for you, it’s important to have all the necessary documents. Gathering them beforehand can save both time and frustration.
You should receive the majority of these documents by January 31, which is the new deadline for companies and employers to send out W-2 and 1099 forms. Each federal tax form is explained below so you can make sure you have everything you need to file your taxes. Read More
If you’ve ever been picked up by an Uber driver or know someone who’s rented a room through Airbnb, then you are aware of the ‘sharing economy.’
In the past few years, the ‘sharing economy’ has become a targeted focal point for the IRS. Needless to say, they really want their “fair share” of this rapidly growing business segment.