Category: Featured

Payment apps and online marketplaces have changed how independent contractors get paid, but they’ve also changed how income is reported to the IRS. If you received a Form 1099-K from PayPal, Venmo, Stripe, Square, or similar platform, it’s important to understand what the form actually means and how it affects your tax reporting.   This guide explains Form 1099-K in… Continue reading 1099-K Explained: What Independent Contractors Need to Know

Form 1099-MISC is part of the IRS 1099 series, a group of information returns used to report income that is not paid through a traditional paycheck. While many independent contractors are familiar with Form 1099-NEC, Form 1099-MISC is still widely used to report other types of miscellaneous income.  Understanding how Form 1099-MISC works—and how it differs… Continue reading What Is Form 1099-MISC? Miscellaneous Income Reporting for 1099 Contractors 

When you trade stocks or earn dividends, you may receive information returns from your broker. Two key forms are Form 1099-B and Form 1099-DIV, which report investment transactions to you and the IRS. Form 1099-B covers the sale of capital assets (stocks, bonds, crypto, etc.), while Form 1099-DIV reports dividend income and certain fund distributions. Getting these forms is important because they… Continue reading Understanding IRS Form 1099-B and 1099-DIV: What Investors and Traders Need to Know

Year-end tax preparation is more than a compliance task. It is an opportunity to clean up your financial records, reduce tax risk, and start the new year with clarity. For self-employed individuals, 1099 contractors, and small business owners, the condition of your books directly affects how smooth—or stressful—tax season will be.  Using a structured year-end… Continue reading Year-End Tax Season Prep Checklist

Many 1099 contractors, locum tenens physicians, and small business owners eventually ask whether electing S Corporation status could reduce their tax burden. An S Corp election can be a powerful tax strategy in the right situation, but it also comes with added rules, responsibilities, and costs.  This page explains what an S Corporation is, the potential benefits… Continue reading S Corp Election: Pros & Cons for 1099 Contractors and Small Business Owners

Selling real estate often triggers tax consequences, especially property owners who are independent contractors, self-employed professionals, or investors. Understanding how real estate capital gains work, and when exclusions apply, can help you plan ahead and avoid surprises at closing or tax time.  This page explains how capital gains on real estate are calculated, how different types of property are treated, and… Continue reading Real Estate Capital Gains: What Property Sellers Need to Know

If you work from home as a 1099 contractor, freelancer, or small business owner, you may already claim a home office deduction. However, many taxpayers overlook another opportunity: certain energy-efficient upgrades may qualify for federal residential energy tax credits, depending on when the improvements were installed.  The home office energy tax credit is not the same as a… Continue reading Home Office Energy Tax Credit Explained

For 1099 contractors, freelancers, and self-employed business owners, estimated taxes are part of doing business. Because no employer withholds taxes on your behalf, the IRS expects you to make payments throughout the year as income is earned. The challenge is not just knowing that estimated taxes are required, but understanding estimated tax deadlines in 2026, who must pay, and… Continue reading 2026 Estimated Tax Deadlines

Individuals, including freelancers, sole proprietors, self-employed, independent contractors, solopreneuers, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.