- Your taxes are not automatically withheld
- US experts must pay taxes according to state and federal laws
- iAdvize cannot provide tax or financial advice
As an ibbü expert, you work for yourself as an independent contractor. Contracting with ibbü requires that iAdvize report all annual income over $600 to the IRS via form 1096. Because of this, you’ll receive a 1099 form each year by January 31st instead of a W-2 which you may be more familiar with. The 1099 form includes how much you made. Always wait until you receive your 1099 from ibbü before filing your taxes.
Unlike a traditional full-time or part-time job, ibbü does not withhold taxes from your earnings. That’s why the government requires you to pay income tax and self-employment tax every year.
Don’t forget deductions
Speak with a tax advisor to see which business costs you can claim full or partial deductions for.
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