Your Relationship with Taxfyle: Empowering Tax Professionals as Independent Contractors
As a tax professional engaged within the Taxfyle network, you have the freedom and flexibility of operating as an independent contractor. Joining the Taxfyle platform is completely cost-free, allowing you to leverage the benefits of a dynamic and supportive ecosystem. There is, however, a one-time onboarding fee abatement that will be taken from your first payout. Let's explore the key aspects of your relationship with Taxfyle and how it empowers you in your tax career.
Embracing Independence:
By registering as a Taxfyle Pro, you unlock the ability to work on your own terms. You have the freedom to choose when and where you want to work within the United States, and how frequently you wish to engage with client opportunities. This level of autonomy provides you with the flexibility to balance your professional and personal commitments effectively.
Access to Customer Engagement Opportunities:
Taxfyle serves as a valuable intermediary, connecting you with customer engagement opportunities within our network. We strive to provide a steady stream of engagements that match your expertise and preferences. Each opportunity clearly indicates the potential earnings you can expect to collect upon successful completion of the engagement, enabling you to make informed decisions about the engagements you accept.
Tax Reporting and Form 1099-K:
As an independent contractor, it's important to note that you will receive a Form 1099-K for the income you earn from Taxfyle opportunities. This will come from Stripe, not Taxfyle. The IRS requires companies processing payments to report the gross earnings of US customers who earn over $20,000 and have 200 or more transactions in a calendar year. If you meet both of these IRS thresholds, Stripe, Taxfyle's payment processor, will provide you with a Form 1099-K for tax reporting purposes.
Tax Liability and Reporting Responsibility:
As a diligent tax professional, it's your responsibility to accurately report and fulfill any tax obligations arising from the income you earn through Taxfyle opportunities. Whether or not you receive a Form 1099-K, it's crucial to understand and comply with the IRS regulations regarding tax liability. Maintaining accurate records and consulting with a tax advisor can help ensure your tax compliance and financial well-being.
At Taxfyle, we prioritize empowering tax professionals like you to thrive in your independent tax practice. By embracing the opportunities and responsibilities of being an independent contractor, you can build a rewarding career while benefiting from the support and resources available within the Taxfyle network.