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Independent Contractors

Self-employed? Don’t overlook valuable tax deductions

Education Tax Breaks, Federal Income Tax, Home Office Deduction, Independent Contractors, Self Employed, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Sole Proprietors, Tax Deduction, Tax-Deductible Business Expenses /

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]

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Is your business ready for the tax deadline that’s on Groundhog Day this year?

Employees, Independent Contractors, Small Business, Small Business Owners, Small Business Tips, Social Security, W-3 Transmittal Of Wage And Tax Statements, Wage and Tax Statement /

Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that date falls on a Saturday. So the deadline is the next business day, which happens to be Groundhog Day: February 2, 2026. W-2s for employees By February 2, employers must furnish and/or file these

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Significant changes to information reporting go into effect for the 2026 tax year

Employees, Federal Income Tax, Independent Contractors, One, Big, Beautiful Bill Act, Small Business Tax Tips, Small Business Tips, State Income Tax, Taxes and Tips, Tips And Overtime /

If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and overtime income For 2025 through 2028, the OBBBA creates new deductions for employees who receive qualified tips income

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The new law includes a game-changer for business payment reporting

Federal Taxes, Form 1099-K, Form 1099-Misc, Form 1099-NEC, Independent Contractors, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Taxes 2025 /

The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold

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5 tax breaks on the table: What business owners should know about the latest proposals

(R&D) Research and Development, Business Income Tax, Corporate Federal Income Tax Rate, Federal Taxes, Independent Contractors, Past-Through Entities, Qualified Business Income Deducton (QBI), Section 179, Small Business Owners, Small Business Tax Tips, Small Business Tips /

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean

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Hiring independent contractors? Make sure you’re doing it right

Employees, Employment Tax, Federal Income Tax Filing, Independent Contractors, Small Business, Small Business Owners /

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead

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Businesses: The Form W-2 and 1099-NEC deadline is coming up fast

Employees, Federal Taxes, Independent Contractors, Small Business, Small Business Owners, Social Security Administration, Taxes 2024, Taxes 2025, Wage and Tax Statement /

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the wages

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Being a gig worker comes with tax consequences

Federal Taxes, Gig Economy, Independent Contractors, Individual Income Tax, Side "Gig", Small Business Tax Tips, Taxes 2023 /

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on

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If you’re hiring independent contractors, make sure they’re properly handled

Employee Benefits, Employee Tax Audit, Employees, Form 1099-NEC, Independent Contractors, Small Business, Small Business Tax Tips /

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether

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Forms W-2 and 1099-NEC are due to be filed soon

Employees, Form 1099-NEC, Form W-2, Independent Contractors, Small Business, Small Business Owners, Social Security Administration, Tax Forms for Small Businesses /

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2, Wage and Tax Statement. W-2 forms show the wages paid and taxes withheld for the year for each employee.

Forms W-2 and 1099-NEC are due to be filed soon Read More »