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Our opinions are our own. Here is a list of our partners and here's how we make money. A form or more than one might land in your mailbox sometime in February. You need to hang on to it, because it can have a big impact on your tax life. A form is a record that an entity or person other than your employer gave or paid you money. The payer fills out the form and sends copies to you and the IRS. There are several kinds of forms.
You use your IRS Form s to figure out how much income you received during the year and what kind of income it was. You'll report that income in different places on your tax return, depending on what kind of income it was. If you need help estimating how income on a Form could affect your tax bill, check out our handy tax calculator. A form is a record of income. All kinds of people can get a form for different reasons.
The form reflects the money the client has paid the freelancer or independent contractor. The debate concerning employees also known as independent contractors or freelancers and W-2 employees continues to be a source of legal and tax consternation.
When it comes to legal, insurance and tax issues the difference is both significant and, potentially, costly to both employer and worker. Knowing who is an employee and who is an independent contractor can save thousands in penalties and lawsuits for a business.
Evaluate the control over the worker's activities exercised by the employer. According to the IRS, the entity that controls the worker's activities is the key element in determining whether the person is an independent contractor or an employee W For example, if you are working for an employer that controls the time you report to and leave the workplace, you are probably an employee. If your arrangement permits you to work when you choose, you may be an independent contractor.
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