Author: Krisha Barot

The Q3 estimated tax deadline, covering June 1 through August 31, is on September 15, 2026. This should be more than a reminder to send the same amount you paid in June. Q3 is a useful checkpoint for contractors with variable income to compare January-August results with the tax projection made earlier in the year.… Continue reading Q3 Estimated Tax Deadline 2026: What 1099 Contractors Should Recalculate Before September 15

Yes. Eligible taxpayers may deduct up to $10,000 per year of qualified interest on certain loans used to purchase a new personal-use vehicle for tax years 2025 through 2028. The car loan interest deduction 2026, created under the One Big Beautiful Bill Act (OBBBA), has specific loan, vehicle, income, and U.S. final-assembly requirements. The IRS… Continue reading Is Car Loan Interest Tax Deductible in 2026? New OBBBA Rules Explained

Tax laws change often, and for 1099 contractors, the hardest part is figuring out which changes affect the business. The One Big Beautiful Bill Act tax changes affect several rules involving 1099 reporting, business deductions, qualified business income, and individual tax planning. This guide focuses on the provisions most likely to matter to self-employed professionals, CRNAs,NPs, locum… Continue reading One Big Beautiful Bill Act Tax Changes: What 1099 Contractors Should Review in 2026

The 1099-K threshold  for 2026 changed again. Under the One, Big, Beautiful Bill, the federal reporting threshold for qualifying third-party settlement organizations (TPSOs) returned to more than $20,000 in gross payments and more than 200 transactions.   Most importantly, this change affects when certain payment platforms must issue Form 1099-K. It does not change whether your business income is taxable. Contractors should continue tracking… Continue reading Form 1099-K Threshold 2026: What Changed Under the One Big Beautiful Act

Tax planning after 50 for 1099 contractors isn’t just about claiming deductions. Instead, it involves coordinating retirement contributions, estimated tax payments, business income, S-Corp compensation, and future retirement withdrawals. Additional retirement contribution opportunities may open at the Age 50. But the rules for Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and personal IRAs are different. Therefore, high-income contractors should assess their options before year-end rather than waiting until… Continue reading Tax Planning After 50 for 1099 Contractors: Retirement and Income Strategies

Tax planning for 1099 contractors involves tracking income, estimated tax payments, business expenses, self-employment tax, and bookkeeping throughout the year. In other words, it is not just about receiving one tax form Freelancers, single-member LLC owners, independent contractors, and healthcare contractors may get different forms. This depends on how clients, agencies, facilities, and payment platforms pay them. Nonetheless, they… Continue reading Tax Planning for 1099 Contractors: Forms, Deadlines, and Records to Know

Bunching charitable donations is a tax planning strategy that may help some 1099 professionals group multiple years of giving into one tax year so they can potentially benefit from itemized deductions. For self-employed professionals, charitable giving should not be reviewed in isolation. It should fit into the larger tax picture, including income, estimated tax payments, business deductions, retirement contributions,… Continue reading Bunching Charitable Donations in 2026: A Tax Planning Strategy for 1099 Professionals

A 1099 tax deductions list in 2026 can help contractors understand which business expenses may reduce taxable income. However, deductions only help when you incur them for business, document them properly, and do not receive a reimbursement. For 1099 contractors, freelancers, self-employed professionals, CRNAs, nurse practitioners, locum tenens providers, and small business owners, the goal is to track ordinary… Continue reading 1099 Tax Deductions List 2026 – Top Write-Offs Contractors Should Track

1099 tax deductions for CRNAs, nurse practitioners, and locum tenens providers can help reduce taxable income, but only when the expenses are business-related, properly documented, and not already reimbursed.  For healthcare contractors, deductions are not about “writing everything off.” They are about tracking real business costs tied to your work. If you are reviewing CRNA tax deductions, start with the expenses… Continue reading Top 20 1099 Tax Deductions for CRNAs, Nurse Practitioners, and Locum Tenens Providers

Owner draws are a common source of confusion for LLC owners, S-Corp owners, and 1099 contractors. In many pass-through businesses, the key point is that business income is generally taxed when it is earned, not when the owner withdraws money from the business account.  This means you rarely face double taxation on owner draws. However, you must still… Continue reading Are Owner Draws Taxed Twice? What LLC and S-Corp Owners Need to Know