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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

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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. With freelancing, you’ll likely have multiple clients, each sending you a 1099-NEC form (previously a 1099-MISC) showing what they paid you.

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8 Tools To Help Build An Efficient Asynchronous Workflow

Allwork

At the Zoomtopia 2023 event , the company unveiled its vision for the future of work, which places an emphasis on hybrid collaboration and new AI-driven enhancements for its software. In fact, the app’s usage even surpassed that of Zoom during February to June of 2023, as reported by Business of Apps. increase year-over-year.

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Applying for a W2 e-filing waiver

BMT Office Administration

Today’s inaugural edition is focused on applying for a waiver from filing electronically. Who must file electronically? Final regulations issued earlier this year require you to e-file all your information returns if you’re filing a combination of any 10 information returns. What about those e-filing waivers?

Filing 52
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IRS releases e-filing waiver guidance

BMT Office Administration

Final regulations implement the Taxpayer First Act by requiring you to e-file all your information returns—your W-2s, 1099s, 1095s, and other information returns—if you’re filing a combined total of at least 10 returns, beginning with returns filed next year. This is a new standard.

Filing 52
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Is Your Workspace a CMRA? Prepare Now For Big Compliance Changes

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Under a new regulation published January 12, 2023 , centers will submit client information to a centralized online database rather than rely on paper forms. Once they have submitted this form, the center becomes a commercial mail receiving agent, or CMRA. When is this happening? But don’t panic.

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

Allwork

While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. Firstly, it is the simplest and least expensive form of business to set up and maintain. While celebrating U.S.

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SEP IRA: What You Need to Know About This Retirement Plan Option

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Because SEP IRAs require employers to make all the contributions, this form of individual retirement account is generally best for the self-employed or small business owners with only a few employees. Unlike other retirement plan options, there are no filing requirements or expensive fees to maintain a SEP IRA.