And as a thoughtful contractor, you always consider things from your clients’ perspective. Most people are used to being able to choose their preferred way to pay for things. Some independent contractors increase their number of payment options to accommodate this. There are some invoice essentials...
Community property, a form of ownership by a married couple with the intention of owning property together during the marriage. Both spouses have the right to sell or transfer half of the property orwill it to another individual. Aside from real estate, all property acquired during the marriage...
If you are self-employed, it's likely you need to fill out an IRS Schedule C to report how much money you made or lost in your business. Freelancers, contractors, side-giggers and small business owners typically attach this profit or loss schedule to the
To form legal agreements that are binding and enforceable, you need to understand contract law and what constitutes a valid offer under contract law. An offer is considered valid when it meets certain requirements and may be implied or explicitly stated. An offer may be considered implied through...
Why Are Accounts Payable a Current Liability? Accounts payable (AP), or payables, refer to outstanding bills or payments that the company owes to somebody else, such as to a vendor or contractor. These payments must be made within the reporting period; they represent a current liability. ...
Form 1040 isn't as long as it used to be, thanks to a few new schedules. This article provides guidance for filling out Schedule 3 and explains which taxpayers may need to use it.
Business income:If you’re a sole proprietor, like an independent contractor, you’ll report the income onSchedule C(Form 1040), line 1, and any returns or allowances on Schedule C, line 2. Additionally, you should calculate the cost of goods sold and report that on Schedule C, line 4...
Here’s an example of what Form 1099-K looks like and the information you’ll find on it: Here’s a quick guide to the most important boxes you’ll want to pay attention to: Box 1a: Gross amount of payment card/third-party network transactions:Box 1a shows the total payments processed...
During a home inspection, a contractor or professional inspector will check the home for major issues, like foundation cracks, leaks, problems with the plumbing or electrical system and potential safety hazards. Depending on the results of the inspection, you might decide to back out of the deal...
What is a Bid Form? What is a Bid Sheet? Discussion Comments Byleeannejulia— On Dec 20, 2012 My brother is building a house and he got a contractor who put in a bid of $50,000.00. So, I was wondering if my brother has to pay any taxes or extra cost, such as putting on the...