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
Whether you drive for Lyft full-time or part-time, you’re now enjoying the pay, perks, and prerogatives of being self-employed—from setting your own hours to building customer relations. With the onset of tax season, you face a new business challenge:
According to the IRS website, if you don't receive a 1099, or believe someone filed an incorrect 1099 for you, you should call the IRS at 800-829-1040. The IRS will contact the company you believe should have issued and filed the 1099, so have that person or company's contac...
Today, lots of people work as employees and have their own businesses on the side. Good examples are employees who moonlight as part-time drivers for Uber orLyft. Here's how to file taxes when you have a W2 and 1099. 1099 and W2 tax checklist ...
Form 1099-MISC. Your contractor will use this to report on their taxes the amount your business compensated him. Even if the entity you compensate is a business, you are still required to issue a 1099. The exception to this is if the entity is a corporation or other1099-exemptorganization...
File your taxes online with confidence. Updated for tax year 2024 Did you receiveForm 1099-K this year? If you’ve never seen this document before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any ...
Learn how businesses use tax form 1099 to report payments to independent contractors, and the IRS uses 1099s to track nonemployee compensation.
If you work as a freelancer—or you’re a small business contracting out employment—filing your taxes may look a bit different than those who receive standard W-2 forms. Small business owners have a number of tasks to complete during tax season, and one important step is providing1099 forms...
Or, you can enter an “X” in Box 7 on Form 1099-MISC. Do not enter an amount in Box 2. It is simply a checkbox. Box 3: (Empty) Currently, Box 3 is empty. According to the IRS, it is “reserved for future use.” You may need to use this box in future tax years, ...
Other ways to minimize taxes: Avoid short-term gains.This is a good general rule of thumb. That said, it occasionally makes sense to sell a newer position first if it means a much lower capital gain. Avoid high-turnover funds and stocks.Theygenerate commissions,transaction costs, and higher...