BIYRO - Project management system
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Tips and tricks about freelancing, project management and productivity tools. Stay tuned!
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These his freelancers live in remote me. New rules can change it

Quick summary:

1. Tax benefits and clear breaks Tax benefits, IT workers can also take advantage of incentives, such as IP-Box incentive, which offers an additional tax on any work classifying as research and development.

2. The cost of living in Poland is low in comparison with other European countries, and freelancers working through B2B agreements can often do two or three times the money that they are otherwise, even if the wage in the country raises quickly.

3. Poland's IT workers can consider emigration in other places, new tax rules for freelancers should enter into force.

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More: https://biyro.com/blog/freelance/these-his-freelancers-live-in-remote-me-new-rules-can-change-it/
Freelancer tax guide 2002

Quick summary:

1. Form 1099-MISCAlso referred to as the Miscellaneous Income tax form, this is the tax form used to calculate tax liability as a freelancer.

2. The two tax forms you may already be aware of are the W-2 tax form, which is received through traditional employment, and the 1040 form, which is the standard U.S. Individual Income Tax Return.

3. If you make a substantial amount of income as a contractor or freelancer, or if you freelance full time, you are required to declare that income on your 2021 tax return and make quarterly tax payments to the IRS

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More: https://biyro.com/blog/freelance/freelancer-tax-guide-2002/
As the ranks of freelancers swell, the taxman cometh for those in Arlington

Quick summary:

1. Customers can get confused and think that they should pay a flat fee for gross receipts up to $100,000, plus the tax rate on the remaining receipts, however, the correct amount to file and pay is based on multiplying the total gross receipts by the tax rate, said Susan Anderson, the communications director for Arlington's Office of the Commissioner of Revenue.

2. Independent workers can deduct their expenses from their state and federal taxes, but locally, Arlington's Business, Professional and Occupational License (BPOL) tax collects on pre-expense revenue, or gross receipts

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More: https://biyro.com/blog/freelance/as-the-ranks-of-freelancers-swell-the-taxman-cometh-for-those-in-arlington/
Quarterly Estimated Tax Payments: When Are They Due, How Do You File and More

Quick summary:

1. Some classes of workers -- particularly those whose income is exceptionally modest, inconsistent or seasonal -- are exempt from having to make quarterly payments to Uncle Sam, however:If your net earnings were $400 or less for the quarter, you don't have to pay estimated taxes -- but you still have to file a tax return even if no taxes are due.

2. Essentially, estimated tax allows you to prepay a portion of your income tax every few months to avoid paying a lump sum on Tax Day. 

3. When filing your estimated taxes, use the 1040-ES IRS tax form or the 1120-W form if you're filing as a corporation

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More: https://biyro.com/blog/freelance/quarterly-estimated-tax-payments-when-are-they-due-how-do-you-file-and-more/
Crisis cash - what help is still available

Quick summary:

1. As well as searching for Household Support, try hardship support, [council name] Support Fund, emergency support, local welfare assistance, crisis assistance, crisis support scheme or Resident Support Scheme.

2. Everyone receiving Tax Credit, Child Tax Credit, Income Support, Income-based Jobseekers's Allowance, Income-related Employment and Support Allowance (ESA) and Housing Benefit without other benefits is due to be transferred to Universal Credit by 2024

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More: https://biyro.com/blog/freelance/crisis-cash-what-help-is-still-available/
TurboTax Review 2023: This Online Tax Software Still Dominates

Recent highlights:

1. Whether you're filing your taxes for the first time or you're an experienced tax filer, TurboTax can help you organize your tax information and deftly guide you through the process of completing your federal and state tax returns.

2. You're simply sending your tax documents to a CPA or tax preparer, so you're not using any of TurboTax's interface -- it's just a way to find a qualified tax preparer through TurboTax.

3. Its ease of use and tax expertise will eliminate any concerns about filing your tax return correctly and getting your maximum tax refund

#biyro #cash #businessowner #accountant #taxpreparer

More: https://biyro.com/blog/freelance/turbotax-review-2023-this-online-tax-software-still-dominates/