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🔔 Everything Businesses Need to Know About the 1099 Form
#Freelance

🔺 A 1099 form is a way of reporting that a non-employee has been paid for a job by someone who is not their employer. It is a piece of documentation that the IRS requires, and individuals will use it to declare income that is not from a traditional employer/employee relationship. For example, while employees use a W-2 form, independent contractors use form 1099-NEC. 

There are a few different types of 1099 forms that you may hear about, including: 

🔺 1099-NEC: This is the standard form that employers need to use to declare income given to non-employees. A business will use 1099-NEC to report any non-employee compensation that is above $600 in the tax year. It replaces the function that was held by box 7 of the 1099-MISC form. 

🔺 1099-MISC: As MISC is short for miscellaneous, it’s no surprise that this form is used to report income that doesn’t fall into the usual categories of employee wages, or freelancer payments. Almost any payment that a business makes of more than $600 needs to be reported on this form, including medical and healthcare payments, renting of equipment of office space, awards and prizes, and cash payments or royalties of any kind. 

🔺 1099-K: This form is related to income that you receive for goods and services that arrive via credit card, or any other third party payment system. This includes FinTech apps such as CashApp or Venmo. While previously, you would need to receive more than $20,000 across more than 200 transactions to file a 1099-K, for 2023, the IRS has reduced the reporting threshold to $600, no matter how many transactions are received. 

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🔺 Do Agencies Rely on Freelance Talent?
#Freelance

🟡 For agencies, freelance talent comes with a wide range of benefits, which is why 75% of marketing agencies for example are already outsourcing to freelancers or content marketplaces. 54% of these agencies work exclusively with freelancers.

🟡 Take the same reasons why big businesses are investing their attention in independent contractors, and you can multiply the value exponentially for agencies.

🟡 Expert skills: For agencies, an inability to offer specific industry or audience knowledge is the biggest blocker to creating quality results for clients. By outsourcing to experts, agencies can attract talent with the exact knowledge or skills needed to get the job done.

🟡 A lean team: More than your average enterprise, agencies understand the need to scale teams up and down. Freelancers can join the team for a specific client or project, without adding full-time workers who may not be needed once the project is complete.

🟡 Engaged workers: The epidemic of Quiet Quitting is a sign of unengaged workers who aren't committed or passionate about their roles. Freelancers work on their own terms, agreeing to the projects that make them excited, and often setting their own hours, pay, and working processes. This gives agencies a competitive edge.

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Why Current Contingent Workforce Programs are Not Adapting to the Modern Workforce
#Freelance

🔺 Organizational agility is critical in today’s fast-changing and unpredictable global business environment. However, most contingent workforce programs are stuck in the past and don’t have what’s needed to maximize the potential of their organizations’ evolving workforce, which includes a growing percentage of non-employees. 

🔺 Traditional contingent workforce programs are typically built around a company’s temporary staffing workforce, which leaves out all other categories of non-employee workers, such as independent contractors, consultants, SOW-based workers and gig workers. 

🔺 While these categories make up most of an organization’s contingent workforce today, in contrast to 10 years ago, most programs’ structure and goals haven’t changed to adapt to the modern contingent workforce.

🔺 To leverage today’s talent pool, where about one-third of the US workforce is a freelancer, contingent workforce programs must evolve to support all categories of non-employees.

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💠 Top 30 Skills to Learn in Order to Land the Best Freelance Jobs
#Freelancetips

🔹Blockchain and Cryptocurrency Programming

🔹Amazon Web Service (AWS) Development

🔹Mobile App Development

🔹Artificial Intelligence (Al) Development

🔹Website Design

🔹Website Development

🔹Data Analysis

🔹Online Security and Ethical Hacking

🔹Accounting and Bookkeeping

🔹Writing

🔹Editing

🔹Illustration

🔹Virtual Assistance

🔹Video Editing

🔹Graphic Design

🔹Copywriting

🔹Search Engine Optimization (SEO)

🔹Excel Management

🔹Social Media Marketing

🔹Independent Sales

🔹Videography

🔹Photography

🔹Translation

🔹Career Coaching

🔹Audio Transcription

🔹Voice-Over Acting

🔹Delivery Service

🔹Tutoring

🔹User Testing

🔹Survey-Taking

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💻 How to Start a Freelance Business in 7 Steps
#Freelancetips

Let’s dive into the practical steps to launch your new freelance business.

1️⃣Choose a Freelance Niche
There are a few ways to identify a profitable niche. First, start by evaluating your skills, strengths, and areas of interest. Consider what you are passionate about and what you excel at. These qualities will drive your motivation when you start freelancing.

2️⃣Set Up the Freelance Business
As a self-employed individual, setting up your freelance business involves handling legal and financial aspects independently. This includes crafting freelance business contracts and managing your annual revenue.

3️⃣Select a Platform to Run Your Freelance Business
Having a business website is essential for freelancers to enhance credibility and visibility in the competitive market. Hostinger offers a website hosting service with features tailored to meet freelancers’ needs. Hostinger’s user-friendly interface and intuitive website-building tools make it easy for freelancers to create a website that is both visually attractive and functional

4️⃣Price Your Freelance Services
Pricing freelance services correctly is crucial for attracting clients while ensuring your work is adequately compensated. Consider factors like your skills, experience, market rates, and the value you provide to paying clients when devising your pricing strategy. Strike a balance between profitability and competitiveness.

5️⃣Build Your Freelance Brand
Building a freelance brand is crucial to stand out in the competitive market. Your brand reflects who you are, what you offer, and how you provide value to clients. By crafting a compelling brand, you can attract the right audience and set yourself apart from other freelance businesses.

6️⃣Find Freelance Clients
S
ome effective approaches to get clients when you start freelancing are:

🔹 Utilize Online Freelancing Platforms
🔹 Leverage Social Media
🔹 Network within Your Industry
🔹 Referrals and Word-of-Mouth
🔹 Expand Your Online Reach

7️⃣Manage Freelance Projects
Effective project management is essential for delivering high-quality work, meeting client expectations, and maintaining long-term client relationships.

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💲How to get to Macau in just three steps?

To stay productive as a freelancer, you need to travel more and fill up on new experiences.

@Whale gives everyone the chance! Just three simple steps, and you're in the draw for $100,000, with the grand prize being a trip to Macau!

How to participate?

1️⃣ Open @Whale
2️⃣ Spin the wheel or place bets
3️⃣ Claim your prizes!

P.S. If you reach level 200, you can win $1,000,000! 🫡🫡🫡
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🔺 How to Upskill as a Freelancer
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Want to to expand your skillset? Here’s 5 ways to broaden your horizons and succeed as a freelancer.

1. Further Your Education 
Active learning is paramount if you want to succeed as a freelancer. With ever-changing trends and advances in technology, freelancers have to stay on top of newfound industry demands – whatever sector they’re in. If you’re continually honing your skills and learning new ones, your earning potential rises, as does the quantity and variety of projects you can work on. 

2. Focus on Personal Growth
While professional growth is a must for succeeding as a freelancer, personal growth is just as important.

3. Say Yes to Passion Projects
It’s understandable that freelancers are often motivated by the financial aspect of a project. However, it’s imperative to say yes to projects that motivate and inspire you at least every now and then – even if they don’t have the heftiest price tag. These projects will encourage you to get creative and learn techniques that you might otherwise never have tried.

4. Collaborate with Other Freelancers
One of the best ways to grow your skillset and expand your horizons is to network with other professionals in your field. This will expose you to different ways of working, and open up the possibility of collaborating with like-minded individuals.

5. Stay Organized
One of the best ways to enhance your freelance skills is to ensure that your business is well organized. When administrative tasks and client interactions become too time-consuming, there is little room left for upskilling.

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🔹 21 Tips on Freelancing To Help You Succeed as a Contractor
#Freelancetips

Freelance work can be highly beneficial, but it requires some planning. Use these tips to help you develop an effective and lucrative freelancing practice:

1. Establish a base rate

2. Prepare a contract

3. Ask for a deposit

4. Know your taxes

5. Maintain a schedule

6. Invest in useful software

7. Maximize your presence

8. Know your target market

9. Stay flexible

10. Be transparent

11. Know your regulations

12. Make a positive first impression

13. Seek opportunities

14. Set goals

15. Find your niche

16. Continue learning

17. Develop a network

18. Keep your files organized

19. Establish boundaries

20. Ask for feedback

21. Get insurance

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2025/07/05 19:48:58
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