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Day 13: What to Know About 1099-NEC & Contractors: A Simple Guide for Businesses and Freelancers

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๐Ÿงพ Day 13: What to Know About 1099-NEC & Contractors: A Simple Guide for Businesses and Freelancers In today’s flexible work landscape, hiring independent contractors can be a smart move—offering agility without the long-term commitments of traditional employment. But with this freedom comes responsibility, especially when it’s time to tackle tax forms like the 1099-NEC . Let’s break down what you need to know about using this form and working with contractors, without the tax jargon overload. ๐Ÿ“Œ What Is the 1099-NEC? The 1099-NEC (Nonemployee Compensation) is an IRS form used to report payments made to nonemployees for services. It replaced the old use of Form 1099-MISC for service payments starting in 2020 . You’ll need to issue this form if you paid: $600 or more in the calendar year To an individual or business not classified as an employee For services (not products or rent) Who is not incorporated—i.e., a sole proprietor or LLC taxed as such It goes to both t...
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The Power of Early Investing: Why I Wish I Had Started Sooner

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  The Power of Early Investing: Why I Wish I Had Started Sooner If I could turn back time, there’s one financial decision I would make without hesitation: investing early and consistently in a diversified portfolio, particularly the S&P 500. The regret of not taking action sooner weighs on me, and if you're on the fence about investing, let my experience be your wake-up call. Time Is the Greatest Asset The magic of investing isn’t in timing the market—it's in time in the market. Compounding, the ability for investments to grow exponentially as gains generate more gains, is a force so powerful that even modest contributions can turn into substantial wealth given enough years. Had I started investing in my early twenties, even with small amounts, I could have built a significant financial cushion without needing to chase high-risk trades or speculative assets. The Strength of Diversification A diversified investment strategy—especially in index funds tracking the S&...
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