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

Filing 267
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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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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. ” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations.

Legal 264
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Final regs drop mandatory e-filing threshold to 10 or more information returns

BMT Office Administration

We’ve been waiting for the IRS to release final regulations on mandatory e-filing of information returns for quite some time. 31 e-filing deadline, we made an educated guess and said it wouldn’t make the same mistake again. Options for small employers: Small employers may never have thought about e-filing.

Filing 52
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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

Forms 52
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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?

Filing 52