This is What You Need to Know about Independent Contractors for 2021
As an independent contractor in 2021, you know that your job can be extremely rewarding and filled with many opportunities. But it’s important to stay up to date on the latest laws and regulations governing independent contractors like yourself, so that you can make the most of your career and minimize the risks that come along with it. In this article, we’ll explore what’s new for independent contractors in 2021 and how you can protect yourself.
New Regulations and Laws
The landscape of federal, state, and local regulation of independent contractors is constantly changing, so it’s important to know the newest regulations and laws that may apply to you. Here are a few key changes to be aware of:
- The federal government is now focusing on independent contractor classification, which will help protect the rights of independent contractors. It is important that independent contractors understand their rights and responsibilities if they are misclassified as employees.
- State governments have been cracking down on independent contractor misclassification, and penalties for employers are becoming more severe. You should know all of your state’s regulations that govern independent contractors, and make sure your employer is complying with them.
- The Affordable Care Act has changed the way independent contractors such as freelancers and self-employed individuals purchase health insurance. If you are an independent contractor, you may now be eligible for health insurance through the Health Insurance Marketplace.
Taxes and Other Obligations
It’s important to understand the taxes and other obligations that come with being an independent contractor. Some key points to consider include:
- You are responsible for setting aside money to pay your taxes if you make over a certain amount in a given year. Having a regular tax-paying system set up is key to avoiding any surprises when tax season comes.
- You may be responsible for filing certain forms, such as those with the IRS. Be sure to read up on all the requirements and act accordingly.
- You may also need to pay estimated taxes on a quarterly basis. Make sure you understand how to do this and set aside money in advance.
Frequently Asked Questions
What should I do if I’m being misclassified as an employee?
If you believe that you have been misclassified as an employee, you should contact your employer as soon as possible and explain your concerns. If they don’t agree with you and you’re still not being paid properly, consider consulting with a lawyer or filing a claim with the Department of Labor.
How can I make sure I’m in compliance with all regulations?
To make sure you stay compliant with all the regulations related to independent contractors, we recommend you research the latest federal, state, and local laws that affect you. Additionally, it’s wise to consult with a lawyer or accountant for advice on taxes and other obligations.
As an independent contractor in 2021, you have a lot of freedom and flexibility. But with this freedom and flexibility come responsibilities. Make sure you understand the latest laws and regulations affecting independent contractors so that you can protect yourself and make the most of your job.
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