When earning an income in the U.S., individuals are typically classified as either 1099 independent contractors or W-2 employees. The distinction between these two classifications is more than just a technicality. It has significant implications for taxes, benefits, job security, and career flexibility. According to the U.S. Bureau of Labor Statistics, nearly 36% of the […]
With more people working remotely and businesses expanding across state lines, earning income in multiple states is more common than ever. Maybe you moved to a new state while working remotely, work with clients in different places, or run a business that serves multiple areas. No matter the reason, understanding how taxes work across state […]
If you’re self-employed in the United States, there’s a good chance you’ll need to file Schedule C (Form 1040) with your taxes. According to the IRS, over 27.1 million sole proprietorships filed a Schedule C in 2020 alone, making it one of the most common tax forms for small business owners and independent contractors. Unlike […]
If you use your vehicle for work, you may qualify for tax deductions that put money back in your pocket. The IRS mileage deduction lets you claim business-related driving expenses, potentially saving you hundreds or even thousands each year. But to benefit, you need to follow the rules and keep good records. This guide is […]
This guide breaks down what you need to know to start and operate your contracting business, get your independent contractor license and stay compliant in the US. Freelancing and independent contracting are on the rise. Nearly 36% of the US workforce identifies as independent workers. If you’re thinking about going solo, there’s more to it […]
Getting paid on time is crucial for any business and waiting on payments is never fun. Whether you offer Net 30, Net 60, or Net 90, these payment terms can impact how money moves through your business. A 2019 study by Xero and PayPal found that 48% of invoices issued by small businesses were paid […]
Want to join the over 96% of U.S. workers who get their paychecks by direct deposit? Are you wondering how to do a direct deposit set up? In our digital age, direct deposit has become the go-to method for receiving payments. It make sense. Direct deposit offers a super easy, fast, and safe way to […]
As an independent contractor, freelancer, or self-employed worker, you’re in charge of your own business. And that includes handling your own taxes. Unlike employees who receive a W-2 and have taxes automatically taken out of their paychecks, you get a 1099-NEC from clients who paid you $600 or more during the year. That means you’re […]
Ever look at your paycheck and wonder how much money you actually made before taxes and deductions? That’s your gross income, and it’s the total amount you earn before anything gets taken out. This number is important because it helps determine how much you owe in taxes, how much you can borrow for a loan, […]
Being an independent contractor comes with a lot of perks. You set your own schedule, choose your clients, and have full control over your work. But with that freedom comes one big responsibility: managing your own taxes. Unlike traditional employees who have taxes automatically deducted from their paychecks, independent contractors are on their own when […]
