Important!
- Your taxes are not automatically withheld
- US experts must pay taxes according to state and federal laws
- iAdvize cannot provide tax or financial advice
Summary
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.
For More Info
- H&R Block can provide tax services
- TaxAct.com offers free online tax filing services
- IRS.gov has forms, rules, and up-to-date information