Employers who pay independent contractors for work that is not paid through their payrolls do not take out deductions. The contractors file their own taxes and make the payments. As a result, ...

Form 1099-NEC is used for reporting compensation paid to nonemployees. Here's what you need to know. Many, or all, of the products featured on this page are from our advertising partners who ...

The IRS will begin processing 2024 tax returns on Jan. 27. The last day you can file your 2024 taxes without requesting an extension is Tuesday, April 15, 2025. Gig workers who earned more than $5,000 ...

Self-employed people are responsible for calculating, reporting and paying their federal, state and local taxes. When filing an annual federal tax return, a taxpayer will use his 1099-MISC form or ...

Each January, your mailbox and e-mail is likely filled with tax forms. If you work for an employer, you’ll receive a W-2 reporting your wages. But if you do any self-employed or freelance work, you ...

Making a certain amount of cash from pursuing a passion or by having your own side gig means you owe taxes, according to the Internal Revenue Service, but you won’t receive a W-2 form as you would ...

Disclaimer: Always consult a tax professional to ensure you understand your business tax obligations. This article compiles information directly from the IRS and is intended as a resource and not tax ...

It's tax season, and if you've received an unfamiliar income form this year, it might be a 1099 tax form. A 1099 form is used to document income received outside of a permanent salaried job. This ...

You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...

You probably have heard that running cocktail hour joke about the two sure things in life — death and taxes. Well that chuckle starter came up again during the BHPH Report’s conversation with ...