Make Sure You Report All of Your 1099 Income
With the job market continually fluctuating, it seems that more and more people are creating their own jobs. Whether it’s starting your own company, doing some extra business on the side, or working as a freelance private contractor, a growing number of individuals are earning self-employment income.
The extra income is surely nice, whether it’s to help make ends meet or to add a little more cash to your savings. However, with all that extra income, you have to be sure you are reporting it. Failing to do so can cost you with the IRS.
Even though you won’t get a W2 for this kind of income, you still need to report it. You should receive a Form 1099-MISC from anyone with whom you do $600 or more of business in a given year. Even if a company doesn’t send you a Form 1099 you are still responsible to report that additional income. Likewise, if you earn less than $600 that doesn’t mean you don’t have to report that income; it just means you won’t get a 1099 for it.
If you are self-employed then you will need to use a Schedule C with your Form 1040 when you file your taxes. You are also responsible for the 15.3 percent self-employment tax. There are a lot of questions and concerns when it comes to self-employment and the forms that go with it. We can help you with all your tax planning and tax filing needs, so give us a call today at 1-877-CPA-2006, or click here.
Five Easy Steps To Help You Retire Wealthy
What hard-working individual doesn’t dream about retiring rich and living the good life throughout his or her golden years? After all, what’s the point of working your life away if you never get to enjoy the fruits of all your labors? The problem is, for many, retiring wealthy and living the good life is just that: a dream. In fact, for many, retirement is a daily battle just to have enough to get by after paying for all their necessary food and medical care. That’s not how retirement should be,
Five Mistakes You Can’t Afford to Make at Work
Have you ever made a bad mistake at work that you just couldn’t live down? No one is perfect and everybody makes mistakes. In most cases, people can overcome mistakes they make at work, but there are a few missteps that could really end up costing you. So, even though you’re not perfect make sure you do everything in your power to avoid these five critical mistakes at work.Promising too much – we all want to accomplish as much as we can and impress our bosses and coworkers. However, it’s a bad
Try These Apps to Really Save Money On Food
When was the last time you went to the grocery store or had a meal at a restaurant? Chances are it hasn’t been too long. However, the way people shop is changing. Even eating “out” and buying grocery is becoming less common all the time. Amazon is making online grocery shopping and delivery a norm instead of an outlier. Additionally, more stores and restaurants are partnering with Uber and other driving services to deliver food on demand.Best Apps for Saving MoneyFurthermore, there are literally
Maximizing the Value of your Carried Interest
After the passage of the 2017 Tax Cuts and Jobs Act (ACT), many people are wondering how to maximize the value of their carried interest. There are some changes in the ACT that might affect how you proceed when selling or transferring your carried interest to achieve long-term capital gain treatment. These rules apply…