Tax news, rules, and practical guidance for freelancers, creators, gig workers, independent contractors, and other self-employed taxpayers.
Heading back to the office after the holidays is always challenging. But as you get back to work—and get busy—don’t forget to make your fourth-quarter estimated tax payments. They are due on or before January 17, 2023. Who Needs To Make Estimated Payments? Generally, you should make estimated tax payments if you are not subject…
In 2017, the Bureau of Labor Statistics found that over 36% of Americans are a part of “the gig economy,” a dramatic increase from 2-4% in 2005. This is the most recent data available and does not account for pandemic numbers. Those jobs aren’t just paid differently; there are different tax consequences too, from Form…
It’s not just the federal race that made news on Election Day: state and local initiatives were on also on the ballot. In California, that included a vote on whether gig drivers like those who work for Lyft, Uber, and DoorDash, should be considered employees: 58% of voters decided that they should instead be classified…
Last year, the Internal Revenue Service introduced a draft version of a form that we haven’t seen since 1982: Form 1099-NEC, Nonemployee Compensation. Form 1099-NEC is intended to replace the nonemployee compensation part of a form many of us have come to know and love: Form 1099-MISC, Miscellaneous Income. Form 1099-MISC is sticking around for…
Estimated payments for the third quarter are due September 15, 2020. You can find out more about the deadline here. But you need a little more information, you’re in luck! The Internal Revenue Service (IRS) has, at part of its video series, a YouTube video about estimated payments: The IRS notes that you can learn…
It doesn’t feel like it could be September already, but it is. And you know what that means: estimated payments are now due. The deadline for making your third quarter estimated tax payments for 2020 is September 15. Who Needs To Make Estimated Payments? Generally, you should make estimated tax payments if you are not…
Confused about your estimated payment deadline? You’re not alone. The series of events leading up to the extension for estimated payments (not once, but twice) has left many taxpayers bewildered. Here’s what you need to know. In response to COVID-19, the Internal Revenue Service (IRS) announced in March that the tax filing season had been pushed…
Scrambling to make estimated payments? Don’t worry! The Internal Revenue Service (IRS) is reminding taxpayers that estimated tax payments for the tax year 2020, ordinarily due April 15, 2020, and June 15, 2020, are now due July 15, 2020. The extended deadline means that any individual or corporation that has a quarterly estimated tax payment due April 15,…
Over a month ago, I wrote an article about the home office deduction that attracted very little notice. I figured folks were either overwhelmed with COVID-19 coverage, or the article didn’t apply to them. More recently, I realized that I was wrong: taxpayers assumed the article didn’t apply to them. Since then, I’ve received tweets, comments, and emails from…
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package that was signed into law by the President. The stimulus bill (also called the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act) has several moving pieces…