If you receive tax form 1099-NEC for services you provide to a client as an independent contractor and the annual payments you receive total $400 or more, you'll need to file your taxes a little differently than a taxpayer who only receives regular emplo
When it comes to filing your taxes with side income, the first and most important step is to gather all the necessary income tax forms. This includes Form W-2 if you have a regular job, as well as Form 1099-NEC or Form 1099-K if you earned income from being self-employed (like fre...
It’s also good to make sure any forms you receive match your own records. 4. File your taxes Even if you filed your taxes on your own in the past, your tax situation may have gotten more complicated now that you have to report your side gig information. Check out TaxAct Self-...
Once you have all of your forms needed to prepare your tax return, consider working on it sooner than later as there are good reasons to file your tax return early. Common forms to look out for include: Form W-2, Wage and Tax Statement Form W-2G, Certain Gambling Winnings Form 1099-...
No matter which method you choose, you will need to have certain information on hand to prepare your return. The tax documents most filers need include a W-2 form from an employer and one or more 1099 forms for miscellaneous income like side gigs and interest payments. ...
TaxAct TaxSlayer FreeTaxUSA OnLine Taxes FileYourTaxes ezTaxReturn.com 1040NOW Corp. You can use theIRS’s toolto assess your eligibility and select the software best tailored to your needs. However, be cautious as some options may not provide free state tax returns, while others do. Although...
1. Know when you have to pay taxes Every individual must file their annual tax return on the 15th day of the fourth month after the end of that tax year. Since the year ends in December, that generally means that Tax Day is April 15th. In 2022, the deadline has been shifted to...
When it comes to small businesses, there are a few tax software options that stand out: TaxAct TaxActis a reputable and user-friendly online tax preparation software that offers a range of benefits to its users. One of the main advantages of using TaxAct is its affordability, as it provid...
For example, freelancers, independent contractors, and other gig workers who fill out a W-9 form at the start of a business relationship often get a 1099-NEC from their clients outlining their income earned. » MORE: 15 popular tax deductions for freelancers Do I need a 1099 to file ...
1099-NEC: a newer form for freelance/gig-worker income. NEC = “non-employee” compensation. 1099-SA: if you took distributions from an HSA, this form documents how much. If you have not yet received forms you are expecting in the mail, I would recommend logging in to the respective ac...