Krisha Barot, Author at 1099 Accountant

FREE CONSULTATION

Pass-Through Entities: Who Actually Pays the Taxes?

Tax time can get overwhelming, especially if you’re a self-employed individual trying to figure out how your business fits into the tax system. But good news to all self-employed individuals—such as independent contractors, locum tenens, CRNAs, freelancers, gig workers, and small business owners—filing and paying taxes is easier and simpler than you think once you… Continue reading Pass-Through Entities: Who Actually Pays the Taxes?

S-Corp Vehicle Deduction: How 1099 Contractors Deduct Business Use of Vehicles in 2026

S-corp vehicle deduction rules are essential for 1099 contractors who want to reduce taxable income while staying compliant with IRS requirements. If you use your personal vehicle for business, the way you deduct that cost matters. Many S-Corp owners assume they can write it off personally, but that usually is not the correct approach. Instead, the business generally needs to reimburse the owner properly. In this guide, you will learn… Continue reading S-Corp Vehicle Deduction: How 1099 Contractors Deduct Business Use of Vehicles in 2026

S Corp Owners: What to Know About Health Insurance Deduction

S-corp health insurance deduction rules are essential for 1099 contractors who want to reduce taxable income while staying compliant with IRS requirements. For S-Corp owners, this deduction does not work like a normal business expense. The S-Corp must handle the premium correctly, and the amount usually must appear in the shareholder’s W-2 before the owner can deduct it… Continue reading S Corp Owners: What to Know About Health Insurance Deduction

Pass-Through Entities: Who Actually Pays the Taxes?

Capital Expenses: What You Need to Know

For a business expense to be deductible, it must be an ordinary and necessary cost incurred in the conduct of operating your business, trade, or profession. However, there are expenses that are ordinary and necessary but cannot be deducted in the current tax period. These are the capital expenses. What is a Capital Expense? A… Continue reading Capital Expenses: What You Need to Know

Home Office Deduction for the Self-Employed

Many have shifted to being self-employed, especially after the pandemic has impacted their way of living. Independent contractors, freelancers, and gig workers have been dominating the work force ever since people discovered how liberating it can be to work whenever and wherever they want to. Although operational costs are inevitable when running a business, as… Continue reading Home Office Deduction for the Self-Employed

Roth vs Traditional Solo 401(k): Which is Right for You?

The option to choose between a Roth and Traditional Solo 401(k) gives the self-employed or one-person businesses the opportunity to maximize their savings for the future. Both retirement options provide tax benefits but with timing difference. What is a Solo 401(k)? A Solo 401(k), also called Uni-k or One-Participant 401(k), is a retirement savings plan… Continue reading Roth vs Traditional Solo 401(k): Which is Right for You?

Retirement Plans for Independent Contractors and Solopreneurs

The gig economy or freelancing world is incredibly attractive as it offers flexibility, autonomy, work-life balance, and the opportunity to be your own boss! However, being self-employed or an independent contractor does not give you access to an employer-sponsored retirement plan, thus the responsibility of securing a comfortable retirement falls solely on your shoulders. Fortunately,… Continue reading Retirement Plans for Independent Contractors and Solopreneurs

IRS Form 5500-EZ: Filing and Late Penalty Relief Program

Self-employed individuals, locum tenens professionals, and small business owners manage their own retirement plans to secure their future. However, staying compliant with the Internal Revenue Service (IRS) requirements for retirement plans is just as important as maximizing your retirement savings to avoid unnecessary penalties. Let us guide you as we discuss the IRS Form 5500-EZ… Continue reading IRS Form 5500-EZ: Filing and Late Penalty Relief Program

A Closer Look on Self-Employment Taxes for Contract Corporate Flight Attendants

Contract Corporate Flight Attendants (CFAs), being independent contractors, not only get a lot of exciting experiences in the world of corporate aviation but they also enjoy the freedom to choose their clients and the flexibility in accepting flight schedules. They wouldn’t have to worry about missing an important life event or family occasion because of… Continue reading A Closer Look on Self-Employment Taxes for Contract Corporate Flight Attendants