1099.is answers your tax questions
In the new digital age crowdfunding, freelancing, or just selling on eBay, has become a common way to generate extra income. In fact, some people are quitting their “traditional” jobs to work solely through these platforms.
In the process of meeting with dozens of participants in the “Sharing Economy,” from crowdfunding platforms, car & ride-sharing startups, freelance writers, designers, and coders; we heard the same complaint: taxes are a constant source of uncertainty and pain for all parties involved, says 1099.is and they hope to offer a useful solution.
Unfortunately, this can complicate your tax preparations. It is difficult to find answers regarding careers that strive to avoid a paper trail. 1099.is is available, for free, to try and help you understand your taxes. They do suggest in their disclaimer that this is merely meant to be general information; you should still consult with a certified tax professional because taxes can be complicated and every situation is unique. However, many times general information can get you going down the right path so that you will be more informed when you do consult a tax professional.
You can ask your own questions, as well
1099.is is a forum where you can pose questions regarding your taxes or search through posts people have already asked. Some of the more popular topics include: crowdfunding, marketplaces, and resource sharing. When you do submit a question, 1099.is handles the research and provides you with a credible answer. Then you can see the answer, as well as anyone else using the site. You can use the site for both specific and general questions.
Working for yourself has different tax implications than the standard, employer-facilitated W-2 filing. According to 1099.is, “the self-employed are at greater risk of an IRS audit, making accurate filing critical.” Expenses, deductions and self-employment tax, all factor into determining how much is owed every April 15th. As nearly one in three Americans are working as a freelancers, it is nice to have a place to get answers.