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Locum Tenens: 1099-NEC vs. W2

Part 1: Independent Contractor (Solo Practice) vs Employee What is Locum Tenens? Locum Tenens is defined as a person who temporarily fills the role of another, and this is most common in the medical field such as physicians (MD), physician assistants (PA), nurses (RN), advanced nurses (DNAP & CRNA) and other medical specialists (PT, OT,… Continue reading Locum Tenens: 1099-NEC vs. W2

1099 Series: 1099-NEC, Non-Employee Compensation

What is the 1099-NEC? The 1099-NEC is the informational and new way to report Non- Employee Compensation.  The Internal Revenue Service (IRS) reintroduced and began using it again in 2020.  It replaces the 1099-MISC for self- employment income.  If you are self- employed,  you can expect to receive one of these forms postmarked by January… Continue reading 1099 Series: 1099-NEC, Non-Employee Compensation

IRS LAST MINUTE CHANGE FOR 1099 K

Just recently, in its IR-2022-226 dated December 23, 2022, the IRS announced the delay in the implementation of the $600 reporting threshold for third party payment platforms’ Form 1099 K.  This means that Payment Settlement Entities (PSEs) will not be required to report tax year 2022 transactions on a Form 1099 K for the lower… Continue reading IRS LAST MINUTE CHANGE FOR 1099 K

1099 Series: 1099-MISC, Miscellaneous Information

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What is Form 1099-MISC? Form 1099-MISC, Miscellaneous Information, is an information return that businesses use to report miscellaneous taxable payments to many kinds of payees. It is a general-purpose IRS form used to report payments made during the year, including royalties, awards, rents, medical and health care payments, and payments made to attorneys. Who Should… Continue reading 1099 Series: 1099-MISC, Miscellaneous Information

The 1099 Series: What is the 1099? 1099-B and 1099-DIV

At 1099 Accountant, the online bookkeeping, tax and accounting service firm believes that knowledge is power.  An educated taxpayer and business owner makes compliance and tax filings more efficient.  There are several kinds of 1099’s and we will discuss the most popular.   What is a 1099? A 1099 form is an informational recording that an… Continue reading The 1099 Series: What is the 1099? 1099-B and 1099-DIV

Clean Up Catch Up Business Owners and Individual Taxpayers!

Finance. Accounting documents on the table

As we are coming to the close of another year, we need to make sure we have cleaned up/caught up and made solid tax saving plans for the tax year 2022, especially if you are new to business or have fallen behind. This is to be used as a guide to review all the important… Continue reading Clean Up Catch Up Business Owners and Individual Taxpayers!

S Corporation: A Good Idea?

S Corporations text Concept Closeup. American Dollars Cash Money,3D rendering. S Corporations at Dollar Banknote. Financial USA money banknote Commercial money investment profit concept

WHAT IS AN S CORP? Also known as an S subchapter, it is a type of corporation that elects to pass-through corporate income, losses, deductions, and credits to their shareholders without paying any federal corporate tax. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed… Continue reading S Corporation: A Good Idea?

For Sale: Real Estate Capital Gains

Almost any type of asset you own whether for investment (like a stock, bond, or real estate) or for personal use is a CAPITAL ASSET.   On the other hand, a CAPITAL GAIN is the increase in a capital asset’s value and is only realized when you sell the capital asset. The Internal Revenue Service (IRS) taxes individuals… Continue reading For Sale: Real Estate Capital Gains

Home Office: Energy Tax Credit

Before you file and pay that income tax, first take a look at how to get a federal energy tax credit!  What’s a tax credit? – If you didn’t already know, a tax credit lowers the amount of tax that you have to pay. It is not a deduction or an exemption which reduces your… Continue reading Home Office: Energy Tax Credit

Independent Contractor Checklist: Form W-9, Classification and Agreement.