How does the classification of W9 vs 1099 affect cryptocurrency freelancers?

3 answers

• Mukta KhatunMar 25, 2024 · 2 years ago
  The classification of W9 vs 1099 has a significant impact on cryptocurrency freelancers. When classified as W9, freelancers are considered independent contractors and are responsible for paying their own taxes. They have more flexibility in terms of work hours and can deduct business expenses. On the other hand, when classified as 1099, freelancers are treated as employees and their taxes are withheld by the employer. They may have less control over their work and fewer deductions available. It's important for freelancers to understand the implications of each classification and consult with a tax professional to ensure compliance with tax laws.
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• Haris KhanzadaSep 16, 2022 · 3 years ago
  Being classified as W9 or 1099 can greatly affect cryptocurrency freelancers. If classified as W9, freelancers have more control over their work and can choose their own hours. They are responsible for paying their own taxes and can take advantage of various deductions. On the other hand, if classified as 1099, freelancers are treated as employees and their taxes are withheld by the employer. This means less control over work and fewer tax deductions. It's crucial for freelancers to understand the differences between W9 and 1099 classifications and their impact on their financial situation.
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• Shubham RaiJun 01, 2023 · 2 years ago
  The classification of W9 vs 1099 can have a significant impact on cryptocurrency freelancers. When classified as W9, freelancers have more independence and control over their work. They are responsible for paying their own taxes and can deduct business expenses. On the other hand, when classified as 1099, freelancers are treated as employees and their taxes are withheld by the employer. This classification may limit their flexibility and reduce their ability to deduct certain expenses. It's important for freelancers to carefully consider the classification and its implications on their financial situation.
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