Employees and freelance contractors in America need to pay their taxes. To accomplish this, they have to declare them exactly and use the right forms.
Employees must fill the W-2 form and the 1040 form, later. The W-2 form relies on employers sending the necessary information about the employee’s yearly income.
Independent contractors must declare using the forms 1099-MISC, made by clients, and also declare with the 1040 form. This only applies to individuals who have earned more than $600 in a year as an independent contractor.
Individuals who don’t have these forms can also present their taxes through form 1040 and Schedule C as an additional source of information.
The last day to present the declaration and pay taxes each year is April 15th, but it is possible to send the declaration before this. It is possible to pay taxes with a credit or debit card, via check, over the phone, or on the smartphone. IRS offers different options to pay, and, if you choose the service of THE FROG TAX, we can help you with the presentation of the declaration.