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8 Crucial Tax Filing Tips For Freelancers

Allwork

who earn freelance income face confusing tax guidelines and difficult requirements for filing your own taxes. . It’s confusing and difficult, for most people, to know how you’re supposed to file your own taxes when freelance income has been earned from one-time jobs or contract work. . Contractors and other gig workers in the U.S.

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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

Success

It can also make things more complicated when it comes to filing taxes. Keep reading for tips for how to do taxes as a freelancer and make filing this year a little easier. Your client will also send a copy of the 1099-NEC to the IRS, so reporting every dollar is vital. Becoming your own boss can change your life for the better.

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What Is a Credit Freeze, and Should I Do It?

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When you freeze your credit, it keeps sensitive data in your credit files from being accessed without your permission. million reports of identity theft. When you apply for credit, lenders typically pull your credit report to decide if and how much to give you. Credit freezes restrict access to your credit report.

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Want to Reduce Digital Distractions? Brain Coach Jim Kwik Shares Strategies for Better Focus

Success

When the first thing you do is grab for your phone, you’re rewiring your brain for two things that are hurting your productivity or performance.” The second thing Kwik says happens when you grab your phone is a flex of your distraction muscles. O: Organized Keep your digital workspaces clean and organized to reduce mental clutter.

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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

Are there special reporting requirements? More practically, cancel the deceased employee’s company email and security card, and retrieve their company-issued cell phone and laptop. Reporting rules Tricky withholding rules lead to tricky reporting rules. For the year the employee died, you file W-2 and 1099-MISC forms.

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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

However, Payroll teams are busy preparing for a different season — year-end reporting. Plan for a lower mandatory e-filing threshold. We don’t yet know whether the IRS will issue final regulations dropping the mandatory e-filing threshold down to 100 or more information returns from 250 or more returns.

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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

While dealing with lots of paperwork doesn’t rank as most HR professionals’ favorite task, proper recordkeeping for employee personnel files is a must for any organization. In addition, if an employee is involuntarily let go, their employee file must be kept for one year following the termination date. Why is that?

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