GET READY FOR TAX TIME!

Reporting your NIL income just became easier with the help of The Model Accountant.

Gather all your documents:

• Form W-2: This form reports income earned and paid to students by your employer.
• Form 1099-K: This form reports payments received from credit cards, debit cards, stored value cards, payment apps, and online marketplaces (third-party payment networks).
• Form 1099-MISC: This form reports the FMV of payments received from gifts or free products with a total value of more than $600.
• Form 1099-NEC: This form reports payments made to the student on a self-employed or contract basis with a total value of more than $600.
• Access your social security number
• Prior year tax return
• Receipts from NIL business expenses

Determine your filing status:

• Are you filing single, head of household, or married filing jointly?
• Will a parent or guardian claim the student on their taxes? If a parent or guardian provides more than half of the student’s living and essential expenses, then they can claim the student as a dependent.

For more resources, visit www.themodelaccountant/name-image-likeness-nil/.