It is Tax Season!
The month of February means it’s the beginning of tax season. We are here to give you a brief rundown on how to successfully navigate tax season.
First, let’s talk about gig workers. Gig workers are independent contractors that can range from working on online platforms to just being temporary workers. Gig workers usually just provide services to the clients of the company they are working for.
When preparing for tax season, it is essential that you have a W-9. A W-9 is beneficial to gig workers because it allows the IRS to obtain information from them that may attempt toa void claiming their income for tax purposes. This also protects employees, as a W-9 can prevent a company from claiming illegitimate expenses that are fraudulent.
If you are a self-employed independent contractor, that means you receive a 1099 from your employer. With a 1099, that means your employer witholds income taxes on the employee’s paycheck, but also has a lot of control over the employee’s work.
Now, you might be wondering if you should be doing your taxes by yourself, or if you should hire an accountant. By doing them yourself, you will definitely save money, complete your taxes at a faster rate, and it will probably be more simple with the right tax preparation software. However, if you hire an accountant, they will have better tax preparation software, you will be able to discuss your financial situation and seek out different options, be able to ask questions at anytime, and avoid any complicated issues. There is no right or wrong answer when deciding between doing them yourself or hiring an accountant. It just comes down to whatever you think is the best fit for you!
If you want to file your taxes online, here are some services we recommend:
2. H&R Block
If you want to find an accountant, below is an article on how to find the best accountant near you:
How to Find the Best C.P.A. or Tax Accountant Near You
If you want to file your taxes yourself, here are some software programs that will make it extremely easy:
If you have a small to medium-sized business, we recommend using FreshBooks or QuickBooks to help with taxes. Quickbooks can help with accounting applications, business payments, bills, and payroll. FreshBooks services can range from freelancers to businesses with employees. If you are just starting a business, FreshBooks will be more suitable for you. If you have a bigger business, QuickBooks will most likely fit your needs better.