What does financial success mean to you? Security, peace of mind or perhaps more free time spent with family and friends probably sound right. Often times, the shape of financial success will change over the course of time (think: marriage, kids, starting a business). It’s deeply meaningful to have a financial advocate along the way, […]
Tax season officially starts today with the Internal Revenue Service (IRS) now accepting e-files for 2019 tax returns. Let the countdown begin: Days Remaining Common Documents Needed (please note this is not an exhaustive list and depends on each individuals situation): Income documents W-2(s), 1099(s), K-1(s) etc. Investment income and gain or loss detail Business […]
Freelancer is a term we see a lot these days and the tax implications are different than as an employee. An employee has the luxury of their employer withholding and paying their tax to the appropriate taxing authorities on their behalf. A freelancer does not. In its simplest form a freelancer is a sole proprietor for income tax purposes. Becoming self-employed as a freelancer comes with great flexibility of being your own boss but one should be mindful of proper record keeping requirements and timely tax payments.