worker classification

The tax code is ever-evolving, and in light of the COVID-era relief and tax breaks changing again in 2021, there’s never been a better time to get a jump on your tax preparations. Get Organized Paperwork, whether physical or digital, is a necessary pain for any business. Your dealings with employees, freelancers, independent contractors, consultants, investments, property and real estate taxes, Social Security, Medicare, and Economic Impact statements all have to be reported in separate and precise processes. Accurate records and organized record keeping is the best way to ensure your taxes are filed on time and without error. One of the easiest ways to stay organized is e-filing. E-file360 can help you stay organized this tax season by handling your filing needs. Here’s how it works. Get Educated The COVID-19 pandemic has changed many tax rules and program qualifications, and it’s never too early to implement practices and do some research on the tax programs that will help you make the most of your business’s situations. We at eFile360 have complied a few different blog articles that can help you by identifying tax breaks for the tax year 2021 including everything from charitable contribution opportunities to QBI, state, and local tax deductions. We also shared some tips and tools for minimizing your taxes here. While your tax records may be less extensive when it comes to hiring freelancers and independent workers, it’s even more important to make sure that you are well-educated in the tax matters that will apply to the worker’s relationship to your business. When they are as well-versed as you, you will both be more likely to swap correct records and share the applicable forms and reports that will help everyone file their taxes smoothly. Classify Workers Properly From the Start In this new gig economy, where growth has been driven up exponentially due to the coronavirus pandemic, it’s increasingly important to classify workers properly in …

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