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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations. There is no legal distinction between the owner and the business. Firstly, it is the simplest and least expensive form of business to set up and maintain.

Legal 264
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5 Long-Term Financial Goals and How to Achieve Them

Success

Your long-term goals are an important aspect of your financial health. Opening a college savings fund for your child when they’re young can help you save for their future college expenses. What are long-term financial goals and why are they important? These goals provide motivation, direction and discipline when managing your finances.

Goals 284
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It’s time to review (or create) your document retention policy

BMT Office Administration

Legal consult proves especially helpful in matters involving the organization’s litigation hold policy. Their advice places a legal hold on physical and electronic records that should not be deleted because of potential future use. When constructing your policy, examine legal and regulatory guidelines.

Policies 105
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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

Recruitment documents Human resources departments should retain documents related to the hiring process, especially if you need to refer back to them later. Also, you’re legally obligated to retain these records for at least one year by the EEOC. That means there aren’t any crucial files that you must include by federal or state law.

Filing 52
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Stay organized and secure with electronic records management

BMT Office Administration

Jan bit her lip and hoped that Laura had not accidentally tossed evidence the legal department might need in a harassment lawsuit. The second action opens up the company to potential legal and regulatory problems. Some types of business records, such as tax forms and legal documents, are relatively easy to spot.

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Usually, when you hear about 1099s during tax season, people are referring to IRS form 1099-NEC, the tax form that is sent to independent contractors in place of a W-2 form. It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Medical and health care payments.

Payroll 52
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MBO Partners: A Business Platform for Independent Consultants.

Small Business Labs

When we reference organizations that have provided us funding in the last year we will note it.   MBO Partners offers a service providing a legal and financial infrastructure for independent consultants and freelancers.    This means, legally, the consultants and freelancers work for MBO Partners. 

Legal 100