What is form 1099-NEC?
In this post, we're diving into the world of tax forms, specifically the Form 1099-NEC. It's crucial for those of you working with independent contractors to understand the requirements, and we're here to break it down in an easy-to-understand way.
Do I qualify for the home office deduction?
As long as you are self-employed, and part of your home is for business use, you can take advantage of the home office deduction. In order to qualify for the home office deduction, there are three concepts that the IRS is particularly concerned with: exclusivity, regularity, and precedence.
What can I deduct?
List of deductions to reduce your taxable income and not leave money on the table.
Employee vs Contractor
In your business, you’ll get to a point where you’ll need to outsource some of those long lists of tasks sitting on your desk. Whether you hire an employee or a contractor, it is very important that you classify this ‘relationship’ correctly from a legal perspective (to avoid future headaches).