Many people aspire to be their own boss. Setting their hours and making their own business decisions is liberation for some. You’re no longer a tiny cog in the wheel! But it also comes with increased pressure and responsibilities, taxes included. Now that you’re self-employed, you’ll have to pay your taxes directly to the IRS […]
Reporting taxable income to the Internal Revenue Service (IRS) isn’t always a straightforward process. There are over 800 tax forms, from individual documents to information returns, which can create confusion and questions. This includes the common question: what is the difference between 1040 and 1099 tax forms? IRS Form 1040 and 1099 are pivotal for […]
Tax deductions are crucial for filing your tax return if you don’t want to pay more than your fair share. Tax deductions work by deducting eligible expenses from your overall taxable income. Less taxable income means owing less in taxes, and it can even mean slipping down a tax bracket. Knowing how much your tax […]
Is it better to be paid via a 1099 or W-2? Are W-2 and 1099 employees the same? Whether you’re starting out as an independent contractor or a new business owner, understanding the difference between a 1099 and a W-2 is essential. Use this blog as your guide in understanding each form, how they differ, […]
There are many reasons why you might require a 1099 form this year, whether you’re a contractor, a new business owner, or an established small business. If this is your first time or you haven’t needed this form in a while, use this blog to learn about what a Form 1099 is, its utility, your […]
We all know that paying taxes is a necessary part of life. You may have already read our guide on how to prepare business taxes. So, you may now be wondering about how to maximize your tax return. Thankfully, you can save some money while doing so. Most taxpayers are eligible to claim certain tax […]
As a small business owner, you’ll have questions about your business, business procedures, and taxes. You may have entity-specific or business tax questions, making receiving the correct answers urgently. When tax season arrives, small business owners will have questions but only a little time to receive proper answers, assistance, and next steps. Here are answers […]
Navigating the tax landscape as a business owner can be complex and confusing. However, understanding the consequences of not filing taxes is vital. Ensuring your business’s financial health and legal standing is crucial for its long-term success and stability. You need to tackle tax-related complexities with diligence and expertise. In this comprehensive article, we’ll explore […]
Being self-employed brings with it a lot of independence. You get to make your own choices and set your own hours. You work when you want to work! But for better or for worse, that independence also means a lot more responsibility. You’re operating your own small business, and as a result, you’re responsible for […]
Filing taxes for your business is essential to your responsibilities as a small business owner, but it can be complicated, especially if you’re not prepared. One thing leads to another, and you can fall further and further behind on your taxes. Even if you’re past the due date for your tax return, it’s not too […]
