If you get a 1099-K you likely have a side-hustle in the gig economy or sell goods or services through a third party. When you receive payments through a third party your third-party settlement organization (TPSO) will likely issue you a 1099-K. If so, you must know the IRS’s new reporting rules. TPSOs include: payment...Continue reading
What is Form 1099-NEC? Starting with the 2020 tax year, the IRS requires businesses to use the new Form 1099-NEC to report nonemployee compensation – not Form 1099-MISC, which was previously used. Filing Taxes With a 1099-NEC If you are self-employed and receiving any type of 1099 forms, you should be using a tax preparation...
As our Ken-Mar Tax clients know, we pride ourselves on maximizing tax deductions for the self-employed – which is why so many of our customers are real estate agents, small business owners and W-2ed employees with “side-hustles” like ride-sharing with Uber or Lyft, selling hand-made crafts on etsy or re-selling on Facebook Marketplace, Poshmark or...Continue reading
There are many conflicting opinions you’ll read on line and get from CPAs and tax preparation specialists about when to file a 1099 as a business and how to prepare your taxes as an individual receiving a 1099 Form. As an enrolled agent Ken Weinberg attends hours of continuing education regarding the tax code, is...Continue reading
Have you recently started driving for Uber, Lyft or another ride-share company to pick up some extra cash? Unless you’ve met with Ken Weinberg of Ken-Mar Tax, you’re probably missing out on even more money in tax deductions! Being a tax reduction strategist for the self-employed, Ken specializes in helping people like you who get...Continue reading