Erica Gellerman is a financial writer, educator, and the founder of The Worth Project. She holds a California CPA license. Her work has been featured in Forbes, Money, Business Insider, WealthFit, Accounting Today, LendEDU, CreditKarma, and more. Erica has an MBA from Duke University and a degree in business economics from UC Santa Barbara.
Form 1099-NEC, non-employee compensation is new for the 2020 tax year. This form will be used instead of 1099-MISC to report non-employee compensation.
If you run a business out of your home or have a home office, you might be able to take a home office deduction. One way to do this is with Form 8829.
The Section 179 deduction allows businesses to deduct the entire amount of an asset in the year it was purchased, rather than using the depreciation method.
This complete guide walks you through what independent contractor taxes you’re responsible for, as well as how you pay, deadlines, and more.
If you hire certain employees, the government offers a work opportunity tax credit (WOTC) to lower your overall business tax bill.