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Article Category: Self Employed & 1099 Contractors

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 »