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If you’re new to filing self-employment or independent contractor taxes, finding the correct self-employment tax form can seem daunting, but most freelancers will likely only need these three forms:
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But when you start working for yourself, you might have to pay different taxes, including the federal self-employment tax. Check Out: What To Do If You Owe Back Taxes to the IRS
Businesses and self-employed taxpayers can choose from a variety of commercial e-file services depending on their individual needs. Some of the forms that fall under business returns include Form 2290 (truck tax), Form 1099 (reporting payments to individuals other than employees).
Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 3 months to prepare their returns before the April 15 income tax due date.
Self-employment provides work primarily for the founder of the business. The term entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to grow big or become registered, but the term startup refers to new businesses that intend to provide work and income for more than the founders and intend to have employees and grow large.
If you're self-employed, you must file quarterly taxes every few months. These are your estimated tax payments, making up for the fact that you don't have an employer to withhold your taxes over ...
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
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