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In an effort to combat the historic practice of gender-based pay discrimination, NYC has passed a law to promote and enforces new transparency practices on business. Starting November 1, many New York City employers are required to include minimum and maximum salary ranges on every job posting and advertising. New York City is once again championing progressive labor practices and embracing its role as the City for freelancers. The Pay Transparency Law signals a change to the status quo, including protections for independent contractors. NYC is making one thing clear, freelancers voices are loud and policymakers are beginning to listen. What is the Pay Transparency Law?Employers must state the minimum and maximum salary they in good faith believe at the time of the posting they are willing to pay for the advertised job, promotion, or transfer opportunity. "Good faith” means the salary range the employer honestly believes at the time they are listing the job advertisement that they are willing to pay the successful applicant(s). "Salary" is limited to base salary, whether yearly or hourly, and ranges must be precise and cannot be left open-ended (ex $20 per hour, $30,000 per year). “Salary” does not require companies to include other forms of compensation or benefits to include benefits such as health insurance, paid time off, severance pay, overtime pay, commissions, tips, bonuses, stock, 401(k) matching, or other types of remuneration. Who is covered?The law applies to businesses with four or more employees (including the owner or individual employer) where at least one person is working in New York City. It covers job ads calling for full- or part-time employees, interns, domestic workers, independent contractors or any other category of worker protected by the New York City Human Rights Law. What does this mean for independent contractors?Employers must include salary ranges for job ads for independent contractors, who are included in the Pay Transparency Law. According to the legislation, a non-New York business must include a salary range in an advertisement for a remote position if the post can be filled from New York City. A pay range, on the other hand, is not required in a job advertisement if the position will be performed outside of New York City, even if the firm is based in New York. Thus, causing further implications for employers beyond NYC boundaries and remote workers nationally. What should I do if I have questions or concerns?Call the Commission on Human Rights at (212) 416-0197 or visit NYC.gov/HumanRights. You can file a complaint, leave an anonymous tip, learn more about your rights and responsibilities, or sign up for a free workshop. Learn more about the Pay Transparency Law here. via Freelancers Union Blog https://blog.freelancersunion.org/2022/11/07/pay-transparency-not-only-for-traditional-pay/
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If you are collecting payments for your freelance business via third-party payment networks such as Airbnb, Etsy, PayPal, and Venmo it’s time to make sure your payment records are up to date so that you don’t run into issues when filing your 2022 tax return. The IRS has been scrutinizing transactions on these platforms since 2021 as part of the American Rescue Plan Act that was signed into law that year and will again be issuing 1099-K forms to any taxpayer who received more than $600 through these apps for business purposes. If you have both personal and business transactions running through these apps, you will need to make sure you have these segmented appropriately and to make sure that there is no co-mingling of expenses occurring. This will make it easier to determine if the 1099-K form you will receive early next year from the IRS is indeed accurate (if you would like more detail check with your tax professional after reviewing Form 1099-K, its instructions and these frequently asked questions on IRS.gov). This new reporting requirement for third-party settlement organizations (TPSOs) requires payment apps to report goods and services transactions made by users with $600 or more in annual gross sales, regardless of the total number of transactions, on 1099-K forms. This lower threshold is significant in comparison to the previous guidance which allowed users to have $20,000 and 200 transactions or less from selling goods and services in one year without having to report them as taxable. Will you get a 1099-K form for reporting on your freelance tax return? Get the facts:If you aren’t sure if you will receive a 1099-K for your freelance business transactions, the following tips can help you determine if this 1099-K reporting threshold applies to you, however, remember that you need to report all freelance business income on your tax return no matter where it is derived from:
The IRS emphasizes that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. Make sure to factor in any income from third-party payment platforms in your estimated tax payments at the federal, state, and local levels.Just like any other income, you must pay tax on the money you earn or receive from activities occurring on TPSOs throughout the year, either through withholding or estimated tax payments. If these payments are in addition to a W-2 job or pension, and your tax withholding for these income streams is not enough, you will need to make additional estimated tax payments. Proper recordkeeping is paramount for all income including that on a 1099-KJust like any taxable income, you will need to ensure that you are keeping meticulous records of all the transactions you are facilitating on these third-party payment platforms, this will help protect you in the case of an audit and also enable you to have the most accurate picture of your freelance tax obligations and revenue generation from your hard work. via Freelancers Union Blog https://blog.freelancersunion.org/2022/11/03/collecting-freelance-income-on-popular-payment-platforms/
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This post is authored by an event host for the Freelancers Hub. To find out more about the events we offer or to pitch a class you'd like to teach, visit: http://www.freelancershub.nyc Goldman Sachs Research estimates the risk of recession in the next year at 30% in the U.S. As an independent worker, our entire livelihood depends on getting clients and getting paid for our services. The word "recession" could induce fear as we may see budgets being cut and clients spending less. While we enjoy the freedom to live life on our own accord as independent workers, we now have to prepare for the potential impact of an economic downturn. Fortunately for you, we have tips on navigating a recession and not only surviving but making your business flourish during unstable times First, let’s cover the impact of a recession on your business. In short, each economic turbulence will affect freelance industries differently. Some companies may cut their contractor budget while others may not only keep it, but increase it and let go of full-time employees instead. Make sure you get a sense of your industries tendencies if you work with corporate partners. If you sell to individual consumers, you may see a downturn in referrals or inbound leads. This means you must not only increase customer acquisition but also look into current client strengthening techniques. Tips to Recession-Proof Your Solo Business:
Final ThoughtsThe road ahead may be uncertain but there are ways to navigate the uncertainty with confidence. Sticking with these tips and tapping into your freelancer network for encouragement will be essential over the next 6 months. Use the information at your fingertips to come out on the other side better than ever before. via Freelancers Union Blog https://blog.freelancersunion.org/2022/11/02/financial-planning-tips-during-a-recession/ |
AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
April 2023
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