Posted: January 2nd, 2015 | Written By: WFH Staff
It is a common belief that self-employment income is somehow “tax free” as it comes without the paperwork of W-2s and withholding statements.  Every tax season, the IRS audits thousands of self-employed contractors, determining that they owe massive sums on their back earnings.  Most agencies that employ contractors send 10-99 statements to the government and to the contractor, so self-employment income must be reported promptly to avoid an audit and falling into arrears.
Category: Business/Finance