Category: Start-Ups/New Businesses

December 5, 2023

Do I Need to File Form 1099-MISC or 1099-NEC?

Business, Start-Ups/New Businesses

I paid someone in the course of my trade or business this year! Do I need to file form 1099-MISC or 1099-NEC? Well it depends. While there are several 1099 forms, this article will focus on 1099-MISC and 1099-NEC. Solving The Mystery Behind Form 1099-MISC and 1099-NEC: The good news is that we are here…

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August 5, 2023

What is Self-Employment Tax

Business, Start-Ups/New Businesses

So you’ve decided to take on your own business? One of the biggest differences is that instead of taxes being withheld from your income, you will need to pay taxes as you receive income in order to ensure that you remain compliant with the IRS! So, what is self-employment tax? Peeling Back The Layers Self-employment…

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July 5, 2023

Tax Benefits For Real Estate Professionals

Business, Start-Ups/New Businesses, Taxes

Are you a real estate professional looking to maximize your tax benefits? Here’s a couple of tax benefits you may not be aware of! Loss Can Be a Gain! Qualifying real estate professionals get two special exceptions that are tax beneficial: Losses greater than income can still be deducted Rental real estate losses can exceed…

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June 5, 2023

The Difference Between an Employee and an Independent Contractor

Business, Employee & Payroll, Start-Ups/New Businesses

It’s important to know the difference between an employee and an independent contractor. Both have their own filing requirements and both have different implications on taxes. Employers withhold taxes from paycheck to paycheck from employees, whereas independent contractors typically pay taxes as they bring in income. In order to determine if a person is an…

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October 11, 2021

How to Pay Taxes as an Independent Contractor

Business, Start-Ups/New Businesses, Taxes, Uncategorized

Did you know as an Independent Contractor, You are now a business!? Whether it’s a side hustle or your new career path, things change with taxes when you agree to work as an independent contractor. The IRS requires businesses and individuals to report any payments made to any individual in excess of $600 to be…

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Ready to Find Out How We Can Work Together?

Melissa Calwell, CPA,EA,MBA has over 30 years of hands on experience working directly with business owners in both the private sector and through public accounting. Her depth of knowledge and expertise in all areas of back office operations and accounting is the magic of Fortitude Tax & Accounting. Years of experience in the field has allowed her to observe and implement solid systems and processes that work and make the tasks of compliance and accounting in your business feel easy!

Contact us today for an assessment on your business and solutions that are designed just for you!