Vernoia, Enterline + Brewer, CPA LLC helps solopreneurs navigate tax rules.
By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns there is no automatic 30-day extension to file Form 1099-NEC. However, an extension …
In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.
The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Small Business and Self-Employed Tax Center This page features links to useful tools and common IRS forms with instructions. Taxpayers can find help on topics such as starting or operating a business, recordkeeping, filing and paying taxes. …
Payments that businesses make to independent contractors and self-employed workers are not payroll expenses that qualify for Paycheck Protection Program (PPP) loans. However, independent contractors and sole proprietors themselves are small businesses that can qualify for the loans. PPP Loans Aim to Help Small Business Survive Coronavirus Pandemic The PPP is a Small Business Administration (SBA) program that …
PPP Loans for Independent Contractors and Sole Proprietors Read More »
Taxpayers who work in the gig economy need to understand how their work affects their taxes. A little pre-planning can help make sure gig economy workers are prepared when it’s time to file their tax return.
The home office deduction can help small business owners save money on their taxes.
The IRS recently announced it is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Many business owners, especially self-employed individuals who received income subject to withholding, would qualify for this relief.