Maybe a dumb question. For 1099 work it’s expected to set aside 30-35% of the earned wages for taxes. Can I set that aside into an individual trading account, then withdraw when needed? I don’t expect it to offset the entire taxes, but instead of it sitting stagnant in my savings account I thought it might do better growing for the 6-8 months before needing it to pay off its taxes. Like I said, could be a dumb question, and this may lead to that money being double taxed. Not sure… submitted by /u/cptmookie

Is an LLC/business bank account necessary for expense tracking as 1099 employee? So I’ve been in sales for a few years now (1099). I have lots of business expenses including food, gas, flights, hotels, etc Every year at the end of the year i dread the legwork of having to back track all of my business expenses. It’s never a problem with my cpa as we go through and figure out legitimate “write offs” to deduct the expense cos…

How do I fill out a 1099-NEC form as a DoorDash driver? I’ve been doing DoorDash deliveries for a while now and I’m about to hit the $600 mark. I’ve (mostly) been keeping track of my mileage using an app called “Stride” and my receipts for new auto parts, motor oil, etc. How do I fill out the form? submitted by /u/nissonic1

Was laid off in end of 2023, I have an HSA with Fidelity, but now I work a 1099 position. can I still contribute? I was laid off from my employer at the end of 2023, and while employed, I had a high deductible health plan (HDHP). After getting laid off, I started working in a 1099 position, but now I don’t have an HDHP. Can I still contribute to my Health Savings Account (HSA), which is currently housed in Fidelity? Or do I have to enroll in an HDHP to get …

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Can I attach a copy of Bank 1099-INT when mailing my return (Non-Resident Alien) I received a 1099-INT from Bank of America that looks similar to the one shown in the image. This was because I received a $100 bonus on opening a new account, and had tax withheld on it. I reported this information on my tax return (form 1040-NR) but I wanted to know if I had to send the actual form (via mail) to the IRS or can I just send a co…

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New Form 1099-DA: What it Means for Digital Asset Brokers and Their Customers Unpacking the IRS’ controversial new crypto tax regulation proposals.

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Reporting Megabackdoor Roth/Mistake on 1099-R I haven’t filed my 2022 return yet because I have an extension for being in an IRS declared disaster area, but I think T Rowe price has my 1099-R’s screwed up. When I did the Megabackdoor Roth, I initially made all after-tax contributions of $10,000 to the 401(k) plan, and then rolled the $10,000 over to a Roth IRA before any growth happened thr…

forgot to report 1099 income i filed in january or february as i always do. a month or two i get a form in the mail and i realized i should have included that income. however, i let it go months later for some reason i’m thinking about it again. i honestly don’t remember who sent it to me, but i don’t think i made much. a couple hundred *maybe* if i could remember who sent…

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My wife just got offered the opportunity to go 1099 at her job. My wife has been with the company for over a year as an office manager with a current salary of $85,000. She just text me saying her boss asked if she would like to switch from a W2 employee to a 1099, which seems like a strange question to be honest. She currently has no benefits as my job takes care of all of that stuff. My first instinct is t…

1099 question with cash app My wife is an independent contractor and will receive a 1099. The company she contracts with send the money to her cashapp account. Which I understand will also send a 1099 out of over $600. Does this mean she would have to pay taxes twice on the same “paycheck”? submitted by /u/CrashRecon

I believe I am currently being misclassified as an independent contractor. Do I need to wait for 1099 to file a complaint? I am currently working for a firm that requires me to attend weekly, mandatory meetings for which the firm refuses to pay administrative time and just has me work into time I bill the firm’s clients AND sets rules and policies for my work such as checking/checking out, daily progress reports on the work, etc. I was additionally told I could “abs…

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