FlyFin, a fintech provider, unveiled a free 1099 income tax calculator ideal for individuals who receive 1099 Forms. Powered by FlyFin’s proprietary A.I. and M.L. technology, FlyFin’s 1099 Tax Calculator makes it easy for 1099 self-employed individuals to compute their quarterly or annual income taxes owed quickly. Individuals who receive 1099 Forms are self-employed, sub-contractors, independent contractors, gig workers, freelancers, and creator economy workers.
To use the free, self-employed tax calculator, a self-employed individual needs to download and install FlyFin’s mobile app and spend 10-to-15 minutes to obtain a self employment tax rate and calculation. FlyFin squarely addresses 1099 self-employed individuals and independent contractors’’ tax preparation pain, including accounting and tax filing uncertainties and knowing what 1099 deductions qualify. With FlyFin, users can meet deadlines to avoid tax penalties.
1099 Form: What, When, and Why
A 1099 Form is a record that an entity or person reports about money paid to an individual during the tax year. Trades or businesses make payments for rents, services provided, attorney fees, interest and dividends to investors, prizes and awards, or other income payments. When these payments are at least $600, the IRS requires that the trade or business (Payer) complete a 1099 MISC Form and send copies to the individual and IRS — typically before January 31st, for the previous year’s income.
FlyFin: Like Autopilot for your taxes
FlyFin helps users stay on top of expenses as they occur — year-round. FlyFin’s continuous expense tracking is a fundamentally different paradigm shift for the tax preparation industry that focuses on a once-per-year basis. FlyFin’s Man + Machine tax engine works in the background 24/7, 365 days per year, automatically scanning expense accounts daily to suggest which category to classify each expense based on profession.
FlyFin’s A.I. and CPAs find all possible self employment tax deductions. Users also have access to the domain expertise of tax CPAs, who review each 1099 self-employed individual’s tax information and provide expert help to maximize 1099 tax deductions. Users have the option to consult FlyFin’s team of CPAs within the app and have its CPAs file their taxes for just $192. FlyFin ensures 100% accurate tax review and tax preparation, or users can also export their data in an IRS-ready format.