Keep reading to learn more about how employees are defined, and how they differ from independent contractors. What Is an Employee? An employee is hired for a specific job or to provide labor in the service of someone else (the employer). When an individual begins a long-term working relationship with a business, that person usually becomes an employee, though there are exceptions. The Internal Revenue Service (IRS) sets the guidelines for determining which workers are employees....

Forms 1099-MISC and 1099-NEC are two types of information returns used by businesses and others to report taxable payments. These statements must be given to the payee and also to the IRS to report total transactions for the year. What are Form 1099-MISC and 1099-NEC? Form 1099-MISC-Miscellaneous Income is used to report various types of payments, including rents, royalties, commissions, medical and health care payments, payments for prizes and awards, and for legal services....

After President Trump threatened to double tariffs on aluminum and steel imports from Turkey in August 2018, the value of the Turkish lira lowered to a record low against the U.S. dollar—renewing fears that the poor health of the Turkish economy could trigger another crisis in the eurozone. Many European banks own stakes in Turkish lenders or made loans to Turkish companies. As the lira plummets, it becomes less likely these borrowers can afford to pay back these loans....

All landlords should know the basics of credit checks: where to get them, how to order them, and what the reports provide. Landlords also must comply with federal and state laws that govern how tenants’ credit information can be used. Why Is a Credit Check Important for Landlords? A credit check is an essential part of the tenant review process. It provides an overview of an individual’s financial status, including the amount of debt they’re carrying and their bill-paying history....

Sending thank-you emails or letters to vendors and service providers that demonstrate sincere appreciation for their work is an excellent way to maintain a positive, mutually beneficial business relationship. It only takes a few minutes to share your appreciation for a job well done, and it’s well worth taking the time to write. How to Write a Thank-You Letter Thank-you letters should begin with a statement thanking the vendor for their service....

The first increase in the Fed’s benchmark interest rate, or fed funds rate, could come soon— maybe as early as March—to help rein in inflation, Federal Reserve Chair Jerome Powell said in a press conference following the central bank’s latest policy meeting. The Fed plans to end in early March its emergency asset-purchasing program, which helped keep long-term rates low and ensured that money continued flowing through the economy during the pandemic....

Here are some things you need to consider. Filing for Bankruptcy Without an Attorney From a legal standpoint, there’s no issue with representing yourself in your bankruptcy case. While it’s possible to file for bankruptcy on your own, the federal court system strongly recommends against it. Filing “pro se” means that you can only rely on your own knowledge of the legal system and bankruptcy. The judges and other legal professionals you will meet in the process are prohibited by law from providing any assistance....

According to a National Vital Statistics Report, the number of first-time moms in their 20s declined in 2018, while the number of first-time moms in their 30s and 40s increased. Births in general—not just first-time—to women in their late 30s and 40s, are occurring at the highest rate since the 1960s. This trend can be partially attributed to millennials delaying parenthood until they feel more financially secure, particularly if they need to pay off student loan debt or save to buy a house....

Gallup’s poll shows just how much people’s view of the housing market has soured because of surging mortgage rates, stubbornly rising prices, and an extremely small number of homes available for purchase. It’s all left buyers to stretch their budgets even farther in order to afford increasingly expensive monthly payments, if they can even find anything to purchase. “Americans’ much more negative assessments of the current housing market may also keep them from looking to buy, which could lead to a slowdown in home sales,” Jeffrey M....

If you’re lucky enough to be able to purchase a new vehicle in cold hard cash, you don’t need to worry about what that depreciation means for you. But if you’ve taken out a loan to finance your new vehicle, especially if you’ve put less than 30% down on your vehicle, you need to consider taking additional steps to protect your investment if something happens to your vehicle. When purchasing a new vehicle, it is important to take action when you think you might be upside down on the loan for any period....

Not Many Options, No Good Options With bad credit, it’s important to understand that your options are limited. There are no attractive solutions, but there might be acceptable solutions. If you really need money, you’ll have to pick the option that will be easiest to move on from once you’re back on your feet. See if you can avoid using unsecured loans altogether. They tend to have the highest interest rates (there’s nothing for the bank to sell) and are difficult to qualify for....

What Is Car Insurance Reinstatement? Reinstatement is when your policy is put back into place after it’s lapsed for non-payment. A policy reinstatement comes from the same insurance carrier you were previously insured with, and it may also have the same policy number and coverage. Car insurance reinstatements come in two different forms. With the first one, your policy lapse stays in place and your reinstatement comes with new effective dates....

Here’s a quick look at the most significant economic indicators of the day and what they tell us. CoreLogic Home Price Index Prices for single-family homes rose 2.6% from March to April and were 20.9% higher than April 2021, marking another record pace for year-over-year growth, according to the CoreLogic Home Price Index. CoreLogic, a data and analytics firm focusing on residential real estate, is forecasting that home price growth will slow to a more moderate pace of 1....

Buyers wanting more living space and hoping to take advantage of low mortgage rates have been snapping up homes during the pandemic, pushing sale prices to record highs and resorting to increasingly creative ways to get a leg up with sellers swamped with offers. This fiercely competitive housing market, made more intense by investors and second-home buyers, has also made it increasingly common to bid above the list price and even forego the home inspection in the past year....

Jose Luiz Pelsez Inc. / DigitalVision / Getty Images What Is Careless Driving? Suppose you’re on a road trip, and it’s been a long day. You keep the AC on full-blast and chug coffee in your aim to stay awake and make it to the next state before stopping for the night. Your driving partner is asleep beside you. These conditions on a wide-open night road could still lead you to grow weary and start weaving into the other lane....

The good news is that you might get a portion of that money back when you file your tax return for tax years 2022 and 2023. It’s no different from withholding too much from your paychecks during the course of the year. The IRS will issue you a refund for any excess. Bonuses Are Supplemental Wages The IRS classifies bonuses as supplemental wages. Supplemental pay is pretty much anything other than your regular pay—severance pay, taxable fringe benefits, and vacation pay, for example....

While market research is crucial for a business startup, it’s also useful for established businesses to increase profits. It’s accurate information about the marketplace, the target market (customers), and the competition that allows the development of a successful marketing plan. Use Market Research Before Starting or Expanding Business owners use market research to determine the feasibility of new business opportunities. Market research is an essential component of a business plan for any startup businesses....

To make the most of your credit, you need to know how your credit score is calculated. There are five components to your score. Some carry more weight than others. Below is an outline of the five major components to your credit score according to FICO. Payment History Is 35% of Your Credit Score Of your score, 35% is based on your payment history. Paying on time can mean the difference between average and exceptional credit....

I don’t feel prepared to jump into stocks or property investments, which I know are common routes for people my age. Are there easier ways or types of accounts I can leverage to ensure my money isn’t just sitting collecting cobwebs but is actually building sizable interest? Sincerely, Unsavvy Saver Dear Unsavvy, Congratulations on saving up a sizable amount of money! You don’t mention how much you’ve managed to save, but at minimum, you’ll want to set aside at least three to six months’ worth of expenses in an emergency fund (six or more is even better)....

When it comes to paying back your student loan debt, you have a choice of different repayment plans. Some of your options include income-driven repayment (IDR) plans that base the amount of your payments on a percentage of your income. Here’s what you need to know about your IDR plan and the way it impacts your DTI and mortgage eligibility. Debt-to-Income (DTI) Ratio and Mortgage Eligibility Your debt-to-income (DTI) ratio is a measure of your total monthly debt payments relative to your monthly income....