How 1099 Workers Get Taxed: What You Need to Know
1099 workers, often gig workers or independent contractors, navigate unique tax situations compared to traditional employees. Understanding taxation on self-employed income involves grasping concepts like self-employment tax, estimated quarterly payments, and deductible expenses. Additionally, self-employed individuals might find tips on maximizing deductions and avoiding tax pitfalls helpful. This guide aims to simplify these tax components and provide clarity and useful advice for better management of 1099 income.
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