As a self-employed professional or small business owner, you may be wondering about the options that are available to you for saving for retirement. One option that our clients often turn to is a Simplified Employee Pension (SEP) account or SEP IRA Contribution. Here is a brief overview of the advantages of a SEP and […]
Category: Tax Tips
2017 Tax Updates for 1099 Contractors
With a new presidential administration and Republicans controlling the House and Senate, 2017 is expected to bring a number of tax changes for both individuals and businesses. For 1099 contractors, it is especially important that you keep up with these changes so that you can ensure that your taxes are properly filed. To help you keep up with the latest changes, here is a list of the latest 2017 tax updates for 1099 contractors.New Tax BracketsFor 2017, there will be some adjustment to the tax b […] […]
Estimating Income Taxes for 1099 Independent Contractors
If you participate in the sharing economy by working as a 1099 contractor or by renting your home on Airbnb, you know that you will likely be required to pay taxes on your income. But just how much do you need to save in order to cover your tax payments? Here is a brief guide to help you determine how much to put aside for Airbnb and 1099 contractor taxes.1099 ContractorsIn most cases, sharing economy workers are considered as 1099 contractors for tax purposes. The only way you would not be cons […] […]
Legality of Operating as a Sole Proprietor (and Things to Consider)
While we’re not lawyers and cannot give legal advice, we do often times get questions from 1099 contractors on the legality of operating as a sole proprietor (e.g. not having a legal entity such as an LLC or S-Cop or C-Corp) so we wanted to put this post together to help provide you with insight. […]
A Complete Tax and Finance Guide for Thumbtack Professionals
Individuals go to Thumbtack everyday looking for professionals to hire to help them with personal projects. As a Thumbtack professional, you can use the platform to find new customers. However, you will still need to pay taxes on the earnings that you make through Thumbtack. Here is a complete finance and tax guide to help […]