From: About.com Home Business
It's that time of year again when people start name-dropping IRS
form numbers, such as 1099-MISC. This form is part of what the IRS
calls "Information Returns". There are two basic reasons why
self-employed or freelance individuals should know about IRS form
1099-MISC. If you worked as an independent contractor or
freelancer, or were otherwise self-employed (unless you operated as
a corporation) during tax year 2009, you should be receiving 1099s
from any clients who paid you more than $600 over the course of the
2009 tax year. If, as part of your work as an independent
contractor or freelancer, or during the operation of your own
business - regardless of whether you operate as a sole proprietor,
LLC or corporation, you are required to provide completed 1099-MISC
forms to any independent ...
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No 1099? You Still Need to Report the Income
A reader commented on my post about the deadline for tax form 1099
MISC: I worked part time for a Realtor. He paid me very
sporadically and did not withhold any taxes. I have asked him
directly and he is going to claim me as contract labor, but I have
yet to receive a 1099. Since I know the amount I received, should I
go ahead and claim this...? My answer is, whether you receive a
1099 from an employer or not, you are still required to report the
income. You don't attach copies of your 1099MISC with your return
anyway so your return is not incomplete. And no, in and of itself
this is not going to trigger an audit of your tax return. It is the
employer - not you - who is in violation of the IRS requirement.No
1099? You Still Need to Report the Income originally appeared on
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Employee or Independent Contractor?
The often faced dilemma of being an employee versus an independent
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contractor as they don't have to pay their share of Social Security
taxes, unemployment insurance, workers compensation or benefits.And
of course, if you're an employee your employer sends you a W-2 of
your earnings, and if you're an independent contractor and made
more than $600 in a tax year, you're supposed to get a 1099.But
what if you're not so sure you're really being classified
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Estimated Tax Payment Due this Week
The fourth and final estimated tax payment for tax year 2009 is due
Friday, January 15th, 2010. If you are self-employed or otherwise
don't have taxes withheld from your income and you are a U.S.
taxpayer, your estimated tax form IRS 1040-ES and payment need to
be postmarked by midnight Friday to avoid penalties for late
payments. You are not required to make the fourth estimated tax
payment and will not incur penalties as long as you file and pay
your 2009 taxes in full by February 1st. Filing Estimated Taxes
with the IRS 2009 Form 1040ES Tax Forms and Instructions
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Time to be a Freelancer?
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already skilled. Examples include: Freelance writers Freelance web
designers Freelanace graphic artists Freelance programmers And
more. One of the advantages of freelance work is that there are a
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Do You Really Need a Business Plan?
Okay, so you think you want to start a home business. For many of
you, that might mean on online business. You're really excited to
get started - to get up and running, and maybe you've even given
some thought to what type of business you want to start. Do you
need a business plan? The answer depends, but I'd say for the vast
majority of my readers, you probably don't need to create a formal
business plan for your new venture. Today's micro business (very
small home business, say with just you, yourself and you) needs to
be quick and nimble. If you're going to spend a year pulling your
hair out over your business plan, wont' you be wasting your time.
Read: Do You Really Need a Business Plan? Business Plan BasicsDo
You Really Need a Business Plan? originally appeared on About.com
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