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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

Success

For 2022, freelancers will pay 15.3% Generally, the expenses involved in operating your business or side hustle can be tax-deductible. So you can’t just go on vacation or buy a new car and claim it as a deductible business expense. in FICA taxes , which contribute to Social Security and Medicare.

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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

Firstly, it is the simplest and least expensive form of business to set up and maintain. Sole proprietors report their business income and expenses on their personal tax returns, simplifying the tax filing process, and there are fewer ongoing compliance obligations compared to other business structures. To qualify for FEIE as a U.S.

Legal 264
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5 Productivity Products and Services to Boost Company Morale

Success

record in 2022 , reporting they’ve sold Apple watches to 30% of iPhone users—an unprecedented success rate. Business owners might enjoy alerts related to order updates, assigning and accepting urgent tasks and talking on the fly without having to look for your phone, such as during hectic travel.

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Work flexibility: Unconventional arrangements are here to stay

BMT Office Administration

While she did miss lunches with her office friends and face-to-face exchanges of ideas, she had grown used to her home office and the better work-life balance. According to LinkedIn Global Talent Trends 2022 , job hunters viewed nearly twice as many job posts before applying in 2021 than they did in 2019.

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Important Changes to Know About The Consolidated Appropriations Act of 2023 was signed into law in December 2022, and it’s collectively referred to as SECURE 2.0 – an update to the SECURE Act from 2019. Here are the stipulations: The expense must be for a business purpose. It has to be substantiated (like providing a receipt).

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