by NexGen Support Team
What are 1099 Independent-Contractor Taxes Freelancers and independent contractors earning $600 or more from contract work in a tax year receive a 1099-NEC tax form. The hiring party sends the 1099 form to the IRS and provides a copy to the Contractor. The Contractor...
by NexGen Support Team
What is the Masters’ Exemption? The Masters Exemption Tax Rule, also called the Augusta Exemption or Augusta Rule, is a tax loophole. It permits business owners to rent their homes to their business for legitimate purposes, gaining tax benefits. However,...
by NexGen Support Team
Navigating Types of Business Entities Starting a business in the United States can be daunting, especially if you’re a non-citizen. Not only do you have to navigate the complexities of starting a business, but you must also ensure that you comply with all the...
by NexGen Support Team
A Guide to Personal Income Tax Filing It’s that time of the year again – tax season. Filing your federal income tax return can be overwhelming, but it doesn’t have to be. This guide provides a thorough explanation of personal tax filing. We’ll...
by NexGen Support Team
IRS Reports Delay in Form 1099-K $600 Reporting Requirement for Third Party Platform Payments Like Venmo and PayPal in 2023 Almost everyone who has ever used payment facilitators such as Venmo or PayPal have been anxiously worried about the 1099-K reporting of...
by NexGen Support Team
Mastering Freelancer Finances: A Comprehensive Guide to Navigating Tax Season Navigating tax season as a freelancer can be complex. Unlike traditional employees, freelancers handle their tax obligations, which includes understanding self-employment taxes and...
