April 15, 2020

Tax Season: Forms, Freelancing and Lead Generation

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What comes to mind when you think of tax season?  Filing returns, meeting with your accountant, W-9’s, W-2’s, W-4’s, 1099’s, 1098’s, Schedule C’s, 1234’s - we got you with that last one, didn’t we?!  But for real, with tax season comes an inescapable snapshot of our finances, both business and personal.  Haven't started your return yet? Don't worry! The tax deadline for 2020 has been extended to July 15th, 2020 as a result of COVID-19 (the novel coronavirus).

 

For the world of side-gigs and freelancers, taxes can get confusing.  SalesGig affords sales professionals looking to earn some extra cash the ability to be their own boss, but what does that mean come tax time? If you are your own boss, how will taxes come out of your pay?  Which form will you receive?  What do all of those forms mean, anyway?

 

What’s the Difference Between a W-2 and a 1099?

 

While both forms are tax forms, they are used to report income in different ways.  If you are an employee of a company, then both you and your employer are paying taxes to the government.  In most cases, your estimated taxes are being withheld from your paycheck automatically.  A 1099-MISC is what you might receive if you’re working for a company as an independent contractor (freelancing, for example).  Both a company that employs you as an employee and those that hire you on as an independent contractor will likely require a form from you upon being hired to accurately report your earnings to the IRS.  Those forms are the W-4 and the W-9.

 

While all earnings are reported, for those earning over $500 on the SalesGig platform, a 1099-MISC will be sent out to the individual.

 

What’s the Difference Between a W-4 and a W-9?

 

The W-4 is what employees can expect to fill out to tell your employer how many exemptions you have which can determine how much money is withheld from your paycheck for taxes. The W-9 provides your taxpayer identification number to your employer allowing them to report your earnings to the government and is used for independent contractors and vendors. SalesGig requires a completed W-9 on all Connectors earning over $500.  

 

How Tax Season Can Boost Business

 

Typically, as millions of Americans receive tax refunds, the retail industry sees an increase in sales.  Many rush to car dealerships to invest their funds into a new (or new to them) vehicle.  Retail showed a 1.6% increase in sales in March of 2019, the biggest increase in a year and a half. Retail is not alone in this increase in sales, however with Services not far behind.  What does that mean?  Tax season could bring more business.  Could is the key word there. With COVID-19 closing all non-essential businesses, it remains to be seen just what will happen when the economy reopens.

 

Lead Generation Strategies

 

SalesGig understands the importance of lead generation strategies and just how vital referrals are which is why we’ve created a space for sales professionals and businesses to connect.  A warm introduction from a trusted sales professional can mean the difference between a qualified and unqualified sales lead.  Why waste money on unqualified leads when you have access to a limitless supply of qualified leads from a sustainable lead generation marketplace.  New companies and sales professionals are signing up every day.

 

Want to learn more about earning some extra cash on SalesGig?  Check out our blog on Supplementing Income with SalesGig during Turbulent Times.

 

SalesGig creates seamless lead generation with limitless opportunities by connecting companies with referral partners.  Sign-up today and get connected.

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