selfemployed: Gig Workers on the Radar: How on Demand Workers Can Reduce Their IRS Audit Risk - 09/07/23 11:40 AM
The gig economy has been around a lot longer than the term, which was coined in 1915, according to some sources. While the gig economy has been growing for decades, the pandemic saw a boom in the number of traditional 9-5ers shifting to self-employment and business ownership.
The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand-new small business owners. Taxpayers, holding a traditional job that issues a W-2, have less than a 1% chance of getting a notice from the IRS; the audit rate is on the … (1 comments)

selfemployed: Tips for Making Self Employment Less Taxing - 03/11/22 09:40 AM
A growing number of people are leaving the world of traditional employment behind. These are the folks who are opening their own small businesses. The people who are embracing freelancing. And the men and women who are using gig work to make a good income.
As this trend continues, many of those newly self-employed individuals are finding themselves at a loss, especially when tax season rolls around. One of the worst feelings is working so hard throughout the year, only to get blindsided by a huge tax bill you weren’t ready for.
While traditional employees can rely on the companies they work for … (1 comments)

selfemployed: Self Employed? Smart Strategies for Minimizing Your Taxable Income - 05/07/21 10:50 AM
            A lot of our clients that come to us with back tax problems are self-employed. For one reason or another, they fall behind on their taxes. With COVID-19, small businesses have been hit the hardest and despite the government stimulus bills, there are still millions of businesses teetering on the border of failure. It’s understandable that a few of them fell behind on their taxes and we’re here to help.   Our firm specializes in tax problem resolution. We can represent you before the IRS. We serve clients virtually so don’t hesitate to reach out. … (1 comments)

selfemployed: Self-Employed and Gig Workers: Should You Claim the Home Office Deduction? - 03/02/21 03:05 PM
The rise of freelancing, self-employed and gig work is one of the biggest labor stories of the last 20 years. More and more workers have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. COVID-19 only accelerated this trend.
 
Working as a freelancer or gig worker can also open a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability … (0 comments)