IRS tax returns are due in only a few days and this means that it’s crunch time! If you haven’t done your taxes this year, don’t despair, the last week before taxes are due is often the best time to save money on tax software.
According to the IRS over 240 million people file taxes every year in America. While a good percentage of them continue to use tax preparers, millions of tax payers have now moved their tax preparation online with software from companies like TurboTax, TaxAct and CreditKarma.
As more tax payers are looking to get faster refunds with eFile it only makes sense that using trusted tax preparation software is the way to go for most people.
Throw in the fact that millions of people qualify for free tax returns if they’re filing a 1040EZ and not itemizing deductions and it’s a no-brainer. Tax software is the way to go.
Today we’re going to look at an online tax software product called TaxAct and get to the bottom of these 3 important questions.
- How much does TaxAct cost?
- How does TaxAct Work?
- Does TaxAct Have Customer Support?
Ready to get started? There’s a lot more after the jump!
Whether you drive for Instacart, Doordash, Postmates, Shipt or another delivery driver service, this post is for you. Today we’re going to talk about the 1099’s you receive in the mail and what they mean for you and your taxes.
In previous posts we covered Uber & Lyft 1099 forms (K & MISC) and we’ll be using a similar format for this post as it manages to be both descriptive and helpful with each kind of ridesharing or delivery driver service.
Starting in the first week of February delivery drivers will begin getting their 1099 forms for previous years earnings.
It’s officially tax time!
Some delivery drivers will be getting the 1099-MISC if they generated under $20,000 in earnings for the previous year, while others will be receiving form 1099-K if they’ve accrued more than $20k in earnings & 200+ transactions.
Note, a “transaction” in this instance is a “ride”. So if you completed 200 paid rides within the calendar year + you earned more than $20,000, you’ll be getting the 1099-K.
Before we dive in to the specifics we need to state that this post is not to be considered tax advice. For specific advice regarding your taxes you should speak directly with a tax professional.
According to a study commissioned by Upwork in conjuction with the Freelancers Union, in 2017 there are over 57,000,000 freelancers, or “independent workers” in the United States. This number totals around 36% of the working population in America!
The number of freelancers and self-employed individuals is expected to grow to a whopping 50% in just a few short years. Thanks to the new Gig Economy, millions of people that otherwise wouldn’t have gone into business for themselves are suddenly driving for Uber, Lyft, Doordash and more.
It’s an awesome thing to see, but not everyone is prepared for the shift from W2 to 1099 worker and the taxes that come with it!
At Everlance we want to help new freelancers understand the difference and some of the requirements for paying taxes as a freelancer. As always, this post does not constitute tax advice and we urge anyone with specific tax questions to consult a tax professional. Continue Reading
Lyft 1099 Forms: Starting in the first week of February Lyft drivers will start getting their 1099 forms for their previous year earnings in the mail and that can only mean one thing…
It’s tax time!
As mentioned above, if you drive for Lyft you’ll be getting your 1099 from them soon, but which one will you get?
Some Lyft drivers will be getting the 1099-MISC if they generated under $20,000 in earnings for the previous year. And those drivers that generated over $20,000 in income + at least 200 trips will be getting the 1099-K.
Not too complicated. However, let’s dive in a little deeper to understand how Lyft drivers are classified for tax purposes and what those different 1099 forms really mean.
As always, this post is not to be considered tax advice. For specific advice regarding your tax return you should speak directly with a tax professional.