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Article Category: Self Employed & 1099 Contractors

5 Steps to Estimate Quarterly Income Tax for 1099 Contractors

Posted by & filed under Self Employed & 1099 Contractors.

Being a self-employed 1099 contractor or freelancer has its perks. You can work flexible hours and enjoy deductions unavailable to those who get a W-2 instead of 1099s. But with its advantages come responsibilities. Among these are paying quarterly estimated taxes. People in business for themselves usually need to make estimated tax payments, and this… Read more »

The Best Free Income Tax Estimators For The Self-Employed

Posted by & filed under Self Employed & 1099 Contractors.

We all know that paying taxes is part of being a functional member of society, but let’s be honest: taxes can be incredibly complicated. Tax laws also consistently change, and many organizations in various industries and sectors are always figuring out how to take advantage of new credits, deductions, and loopholes. How about self-employed individuals… Read more »

Can I Deduct My Phone Bill as a Business Expense?

Posted by & filed under Can I Deduct?, Self Employed & 1099 Contractors, Taxes.

If you are anything like the vast majority of Americans who rely on their phones for professional communication, news updates, or social interactions, you probably utilized your device for business-related purposes at some point. As with other tools that you use during the regular course of your venture, this would mean that you should be… Read more »

Do Independent Contractors Qualify for QBI?

Posted by & filed under Self Employed & 1099 Contractors.

What is Qualified Business Income? “QBI” is short for “Qualified Business Income.” The term matters for thousands of businesses and freelancers because the 2017 Tax Cuts and Jobs Act allows non-corporate taxpayers to take a 20% deduction from their taxable business income if they qualify, which begs the question; do independent contractors qualify for qbi?… Read more »

Can Independent Contractors Take the Qualified Business Income Deduction?

Posted by & filed under Can I Deduct?, Self Employed & 1099 Contractors, Taxes.

After the Tax Cuts and Jobs Act was passed in 2017, business owners saw major changes to the way that they will be taxed moving forward. For instance, corporations’ tax rate that had previously been 35% for larger filers dropped down to 21%. Given such a large drop in tax liability that would yield millions… Read more »

3 BEST COVID-19 RELIEF OPTIONS FOR FREELANCERS, SELF EMPLOYED, & SMALL BUSINESSES

Posted by & filed under Self Employed & 1099 Contractors.

An outline of the main options and programs for Freelancers, Solopreneurs, and 1099 Contractors who are in need of COVID-19 relief funds:   Paycheck Protection Program Loan SUMMARY: Loan for Payroll and other overhead expenses such as rent for employers and sole proprietors with fewer than 500 employees. All or most of the loan amounts… Read more »