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As an entrepreneur, you and everyone else have to pay your fair share of taxes. Whether you’re self-employed or running a business, filing your tax returns on time and accurately can be a dreadful task. On top of that, having a tight schedule for keeping your business afloat can often lead to missing out on some critical tax deductions apart …
Determining which form to use between 1099-NEC and 1099-MISC can prove challenging for most. Here is what each form is used for. 1099-NEC The IRS reintroduced the 1099-NEC form to declare payments of over $600 to a non-employee such as freelancers and independent contractors. The last time this form was in use was in 1982. The IRS says that …
The 2020 CARES Act allowed CVD some payroll and self-employment (SE) fees following the COVID-19 crisis. On Aug. 8, 2020, President Trump signed an executive order to authorize deferred by employers affected by COVID-19. The employees could defer the deposit and payment of their share of the social security tax on employee wages. Self-employed were allowed to defer SE taxes. …
Most states have a new hire database, which is typically used to track employment for child support and benefits purposes. Florida is no exception, but a new 2021 statute greatly expands the use of the new hire database and increases reporting requirements. The law came into effect on October 1, 2021. What Has Changed? There are two major changes that have been made …
“Problems are not stop signs; they are guidelines.” —Robert Schuller The obstacles and challenges business owners have faced during the pandemic is nothing we were expecting. The journey has been quite different for all of us. Some have lost everything, others have thrived (depending on your type of business) and then there are those of us hanging on for dear …
