Navigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!

What’s so important about correctly classifying your workers within your business?

In today's episode, Mike talks about the difference between independent contractors and employees. With the government cracking down on worker misclassification, it's more essential than ever for businesses to accurately identify their workers. Misclassifications can lead to hefty penalties, making it imperative for business owners to understand and adhere strictly to payroll guidelines.

Mike stresses the importance of thorough documentation to ensure smooth 1099 NEC filings at year-end. With the filing deadline on January 31st, this episode aims to give you the knowledge and tools needed for accurate tax reporting!
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00:00 - Employee or Independent Contractor: What's the Difference?
06:31 - How to Determine an Independent Contractor or Employee
14:02 - Why Is Proper Classification Important?
17:28 - How to Avoid 1099 Pitfalls: Year-End Filing Best Practices

Key Quotes
"The responsibility of determining an independent contractor or employee comes down to the employer." – Mike Jesowshek, CPA
"If you're classified as a 1099 independent contractor, just know that you're responsible for paying the taxes on any income that you have." – Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Podcast Website: https://www.TaxSavingsPodcast.com
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com