With only 69 days left until the April 15 tax filing deadline, now is the time for independent contractors to begin preparing their returns. Filing taxes can be a daunting task for anyone, but it can be especially challenging for independent contractors. To ease this often stressful process, we suggest following our simple tax tips for independent contractors.
Business owners across America are working to get all their ducks in a row leading up to the implementation of the Patient Protection and Affordable Care Act (PPACA) in 2015. Among many other factors that are relevant in the discussion surrounding the impending PPACA, an important decision that employers need to make is how they classify their employees for tax purposes. Generally speaking, those who are classified as employees submit the W-2 Federal Tax Form called “Wage and Tax Statement,” which is what determines how their income is to be taxed. Not only does this classification dictate the taxes that the employee is required to pay, but it also affects the employer’s responsibilities in terms of tax obligations.