UPsource PEO’s Post

Curious about the 1099 form? 📑 It's more than just a tax document – it's a crucial tool for reporting various types of income, like freelance earnings and rental income. #oklahoma #madeinoklahoma #okc #ok #oklahomacityok #localok #normanok #edmondok #mooreok #oklahomabusiness #oklahomamade

You want to hire a Freelancer? Pay them upfront. Do the decent thing and take out of the equation the money discussion. If your a client, be grown up enough to pay in advance and get a creative service by a freelancer who is not burdened by thoughts of getting paid ‘someday’. 60 days or even 30 days are disrespectful and should not be tolerated by our community. If you work for me you get paid 50% in advance or 💯 depending on the project value. Balance is always paid on completion. This should be the norm. We have to demand better.

This could be just the tip of the iceberg. A particularly concerning report from The Times, which suggests the BBC is pursuing freelancers for tax liabilities it owes. This comes after the organisation was accused of forcing freelance presenters to operate outside the clutches of IR35 – long before the introduction of the off-payroll rules, I should add. It makes you wonder, where else this was happening? #IR35 #offpayroll #contracting 

🗓 Heads Up, S Corporation Indie Workers! Your extended tax filing deadline is on the horizon—September 15th to be exact. 🚨 In the freelance game, late filings aren't just a hassle; they can incur penalties that throw a wrench in your operations. 🛠 Stay compliant and keep your hustle flowing smoothly by getting those forms in on time. 📝📂 #Opolis #SCorpDeadline #TaxFiling

Important news (or reminder) for Ontario regarding minimum wage. #freelance #freelancer #law #lawclerk #mentor #commissioner #clearlylegal #minimumwage #news #business #toronto #torontolawyers #ontario #ontariolawyers #canada #canadlawyers

Exciting update! BIR has made their process better and updated the registration requirements. They want to make it easier for everyone to register and pay taxes. Don’t worry! We've listed the important things you need to prepare: ✅ Taxpayer Identification Number ✅ BIR Form 1901 - Application for registration (2 copies) ✅ Valid ID with birth date and address ✅ Occupational Tax Receipt (Selected RDO only) So what are you waiting for? Registering with BIR is now simple, and we encourage you to register your freelance business. If you got any questions, please do not hesitate to send us a message 😊 #frelancingtips #freelancerlife #taxfiling

Paying yourself from an LLC doesn’t need to be a headache…. One thing I've learned speaking to small business owners all day- Filing payroll taxes for a 1-2 person company can be more complicated than not drying out the holiday bird. Priorities are different at these companies and bandwidth is stretched thin. Here’s a brush up on paying yourself from and LLC to go with your Sunday coffee

It's broken - fix it This article is I think from one of the weekend papers and Seb Maley contributed to it then. There is a real problem here that goes beyond Gov't and HMRC policy and deep into the heart of many individuals. Those of us who work in this space every day know that inconsistency rules and whether or not a case gets picked up, enquired about, taken to Tribunal often seems arbitrary and random. That situation is aggravated when decisions on similar cases get different decisions at Tribunal. More recently we have seen the Upper Tier Tribunal say that the First-tier Tribunal either did not understand the law or applied it incorrectly. That opens up the possibility that already decided cases will become irrelevant in considering new cases! There is certainly a group of people within HMRC who are driven by a belief that there are NO contractors. There are only employees and disguised employees. This group of officers (and I'm not suggesting that they act in concert or conspiracy) seem to exert influence and also override whatever oversight HMRC SOLS is meant to bring. There are also groups outside HMRC who think that clever words in a contract or concealing information or just because they think so, means that contractors are all independent and NOT employees. Both groups are wrong. The law, such as it is, is a hopeless confused mess and each case deepens the morass. In my view this is because the law starts from the wrong place and neither party trusts the other. Here's a thought. If you think you're an independent contractor let's assume you can register as such. HMRC will accept that registration on the basis that you will agree to a sequestration (or other legally binding agreement) that sees say 35% of each invoice (net of VAT) going to an escrow account in the name of the contractor and HMRC. That escrow account can be reduced ONLY if both parties agree. If HMRC has not investigated the contractor after say three years, the sum paid in to that escrow in the first year is repaid to the contractor. If an investigation is begun but not finished (i.e. not before a Tribunal or settled by agreement) by the end of year 4, the sum above is repaid to the contractor. If a Tribunal decides (or there is an agreement) there is an employment, HMRC can claim the 35% for the year and also demand any further amounts due. IN other words a contractor confident of their position loses some of the reward for a limited period. HMRC has some security that an investigation - if correct - will pay them tax. We can then all get on with defining the rules a bit better.

Side hustling and freelancing are a significant part of the growing gig economy, offering a more flexible approach to employment than the stuffy humdrum of the nine-to-five. Of course, it's not all upsides for the millions of American workers finding fulfillment and financial success in their careers through independent contracting. Gig work takes the tax burdens your employer would typically shoulder and puts them on your plate. Find out how to navigate the unique tax challenges of self-employment before you dive headfirst into being your own boss and setting your own hours: https://hubs.li/Q02f4CKr0 #Taxes #TaxExperts #TaxAttorney #TaxProfessionals #IRS #TaxResolution #GigEconomy #SideHustles #Freelancer

💔 #EOFY is your Ex. #SOFY is your Next! 💘 Calling all self-employed champions! We all know why we despised taxes even more than our traditional employee counterparts. It's time to discover what freelancers, rideshare drivers, independent contractors, and sole traders have been getting wrong when it comes to taxes. Let #SOFY guide you through the new rules of tax dating this season! Curious to learn more about #SOFY? Head over to our website for all the juicy details. 🌟 Plus, don't forget to download the APP right away to enjoy a massive 40% off on our plans today! 🔗 LINK IN COMMENTS BELOW 🔗 #TaxTroublesSolved #NewTaxLove #MyGigsters #LoveYourWorkHateTaxes