If you’re one of the more than 150,000 Americans who has decided to “get your side hustle on” by driving for Uber, this might be the first time you’ve taken on the responsibilities of self-employment, including reporting business earnings on your inc
If you were on unemployment during the year, you might also have a 1099-G headed your way. 1099-INT If you earned $10 or more in interest from a bank, brokerage or other financial institution, you’ll receive a 1099-INT. » Learn more about what do to with IRS Fo...
Many new Lyft drivers have the misconception that they only need to report income reported on a 1099. This isn’t true; all income must be reported. Failing to report your income can cause tax problems down the road. The IRS can audit your taxes going back three tax years...
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It's worth noting that TurboTax Free Edition can not handle 1099-G unemployment income or itemized deductions. The Federal Trade Commission (FTC) is currently suing TurboTax parent company Intuit, claiming the software company is misleading people with its promotions over free tax filing. (Intuit,...
The trickiest part of processing your own payroll is calculating how much to withhold from employee paychecks for Medicare, Social Security, state and federal unemployment, and FICA taxes. If you’re doing your taxes by hand, you might make some errors. If one of your employees comes to you...
Discover the ins and outs of SUTA tax—what it is and its significance. Understand SUTA implications for businesses and how to calculate it.
Why did I get a 1099 from my employer? If you get a 1099 from your employer, that's asign that your employer sees you as an independent contractor rather than an employee. Why is my employer giving me a 1099? The 1099 form isused to report non-employment income to the Internal Reven...
— are misclassified as 1099 independent contractors every year. Classifying employees as independent contractors means a company can avoid paying Medicare, Social Security, overtime, unemployment compensation, workers’ compensation, and various employee benefits ranging from vacation pay to retirement ...
returncan be completed and submitted electronically, but you’ll need to acquire some forms, on paper or via the web, to get the job done. We’ll explain how to find and obtain the forms you need, how often the IRS updates its forms, and the options for filing your tax forms online...