As mobile enrollment specialists on the Mobile Express, Daniel and I, like many of you, are currently making our way through the hurricane that is the 2013 tax filing season. As such, we get to work with a fantastic number of clients, some of whom have particularly intriguing situations in regards to their tax status.
Just today I worked with a young woman whose situation impressed upon me just how important it is for individuals to understand the tax forms their employers provide them with upon hiring. In this case, the young woman in question had recently begun working for an employer who had furnished her with a 1099-MISC instead of a standard W-2. This was the first time that she had filed such a form, so using The Benefit Bank was a great opportunity for her to learn about some of the major differences between the two forms.
In particular, she was surprised to find that she could make estimated tax payments throughout the year to avoid owing taxes at the end. She was also really interested that The Benefit Bank allows her to claim up to $5000 of business expenses incurred in the process of doing her job as deductions when filing a 1099-MISC. All in all, it seemed that working with The Benefit Bank was an extremely educational and empowering opportunity for this young woman, who felt that she came away from the experience knowing more about her tax documents than she ever had before!