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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. . Retirement contributions .

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

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. A 1099 is a form used to report non- employee compensation. What is a W-2?

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Stay on track with this payroll compliance checklist

BMT Office Administration

The Fair Labor Standards Act ( FLSA ) provides clear guidelines on which employees may be classified as exempt vs. non-exempt. 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. Misclassifying an employee as exempt.

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