Skip to main content

Posts

Showing posts from October, 2022

HOW TO FILE YOUR TAXES AS A FREELANCER: A BEGINNER'S GUIDE TO FILING TAXES

 Tax forms look simple at first glance, but a closer look reveals that they're more complex than a mad scientist's to-do list or the instruction booklet for an inter dimensional portal. Regardless of their complexity, we all have to file our taxes. The great equalizer in America is that no matter who we are, we're all required to report to the IRS what we earned each year. In addition, every so often, freelancers have to file. The IRS has a lot of information about freelance tax forms available at IRS.gov, but it can be difficult to understand how to fill out taxes . Finding information on tax forms that is straightforward and comprehensible is exactly what freelancers and self-employed individuals desire. Freelancers and self-employed individuals can go through the most common tax return forms that apply to their work.     MOST COMMON TAX RETURN FORMS THAT APPLY TO FREELANCERS AND SELF-EMPLOYED INDIVIDUALS    The forms for the 2021 tax year from IRS are up-to-date for the

Your Ultimate Guide to Instacart Tax 1099 Form

 Whether you are a side hustler or deliver groceries for full-time, driving for Instacart comes with its own benefits. When you are a full-time shopper, you are able to set your own schedule while heading out to the local stores as per your wish. Still, when you work for yourself, it will have some downsides as well -especially when you have to understand the Instacart 1099 Form .   Let us help you understand all about Instacart Tax 1099 Form and how you can handle the same seamlessly.  How Instacart Tax Works?  Instacart taxes can be quite complicated to understand -especially if you are a beginner. You should understand that your tax situation will vary depending on whether you are a full-time shopper or an in-store shopper.   Taxes for In-store Instacart Shoppers: At Instacart, in-store shoppers are categorized as Instacart employees. For taxation, they are treated in the same fashion as those working in a typical 9-to-5 setting. Instacart takes care of the overall withholding for t

How to Calculate 1099 Self-Employed Tax?

Working as a self-employed or freelancer comes with many benefits. But the fact is that as a freelancer, you will need to pay a 1099 self-employed tax. This is significantly a Medicare Tax or Social Security tax for self-employed people. So, when you are a self-employed person, it’s your responsibility to ensure these taxes are paid completely. Overall, your Social Security and Medicare taxes are 15.30% of your net income from self-employment. When laid up, you are actually paying 12.4% Social Security and 2.9% Medicare tax.   Things to know before calculating your self-employed tax   If you are self-employed, you will likely get self-employment earnings from a number of clients. This signifies that you will need to find your self-employed net earnings for the year. That’s where a 1099-K form or 1099-MISC form comes in. For all freelance clients you have worked with throughout the year, you must get a 1099-MISC form. Alternatively, a 1099-K form is employed if you earn from a payment

Important Tips for Federal Tax Forms 2022

 As the deadline for federal tax forms 2022 approaches, you might have questions about state, federal, and relevant business tax returns for the ongoing year. Tax credits, economic impact payments, and other types of relief offered in 2021 might have left you wondering how to file taxes in the post-pandemic era. With the help of the tax season guide by the government, you can effectively understand the steps needed to successfully file your tax returns this year.   While the regular tax season is over, you can still go ahead with filing a tax return until the time of 15th October, 2022. If you do not file now, you might miss out on the tax credits or refunds for which you might be eligible. While there might not be any penalty for late filing if you do not owe taxes, you can end up facing penalties or fees if you owe for 2021.   Helpful Tips for Federal Tax Forms 2022  #Gather All Important Forms  Collection of important tax documents is a critical step to file the tax returns. Some o