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5 Tips to Make Filing Taxes Easier for Freelancers in 2023

Success

With a traditional job, all you need to file your taxes is your W-2 tax form at the end of the year, showing what you made and how much you had withheld for federal and state taxes. 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 251
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

In fact, ROBS is currently the most popular form of business financing in 2023. The beginner’s business finance glossary “Our P&L report shows that our revenue is now greatly exceeding our expenses, and we’re showing a considerable profit.” “In Equity (net worth) What does it mean when someone refers to their business’s equity?

Finance 105
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How to Launch a New Career After 50

On The Job

It’s estimated that more than one in four Americans are tapping into their retirement savings accounts such as 401(k)s to meet non-retirement needs, but such a strategy can mean it may require people to work longer, especially since company-provided pensions are now provided to only one-in-five workers.

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

Payroll 52
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16 Rich Habits

Success

This neural fast lane saves the brain energy: When a habit is formed and stored in this region, the parts of the brain involved in deeper decision-making cease to participate in the activity. Try to stash six months of living expenses in an emergency fund in case you lose your job or your business goes belly-up. Don’t give up.

Mentoring 317
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Stay on track with this payroll compliance checklist

BMT Office Administration

If you are unsure of how to classify someone for payment, refer to the Department of Labor’s guidelines on qualifying exemptions. Collect the required forms. Many employers have their own onboarding forms that must be completed, but there are also a handful of government forms that employers must collect from new hires.

Payroll 52
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8 Pieces of Financial Advice for New College Graduates

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You may need to create rules for yourself, like that a percentage of your paycheck needs to go toward retirement savings before you can buy something just for fun. You may not be able to escape using a credit card for some unexpected expenses, especially if you’re just starting a new job and haven’t had time to build your savings.