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Taxes in The World of Construction Workers

Subscribe on YouTube: http://bit.ly/32RbsUI Join The Official NY Construction Workers Help Desk Group: http://bit.ly/2SY3oPe Follow us on Instagram: http://bit.ly/37QupZ9 Our Law Firm website: http://bit.ly/2uWNJGf Our FREE Guides: The Disability Guys' Guide to Navigating the NY Workers' Compensation Maze http://bit.ly/39FYMD8 The Disability Guys' Guide to Navigating Through the SSD Maze http://bit.ly/2QvGoWa Tax season is here, and depending on your situation, you may get a refund from the IRS or owe money to the IRS. Construction workers have different types of tax situations based on the nature of their employment. If you are a standard employee on the payroll at your construction company (and not an independent contractor), you will get a W-2 at the end of the previous calendar year to file with your taxes. If you’re an independent contractor or if you own your own business, you will get a 1099 form. When you file your taxes, include relevant business expenses you incurred to write off as deductions and hopefully lower your tax amount. If you’ve been injured on the job in New York and are currently receiving workers’ compensation benefits, you will not have to pay taxes on your benefits. If you have been out of work for an extended period of time because of a work-related injury or illness, you may be eligible for social security disability insurance. You will get taxed on the benefits from social security disability benefits and you will get a 1099 form to prepare your taxes. Finally, if you receive both workers’ compensation and social security disability benefits, there’s something called an ‘offset.’ An offset means that your social security disability benefits were lowered because of your workers’ compensation benefits. There may still be a tax that you must pay even though workers’ compensation benefits are normally not taxed. Be sure to consult a tax professional as you prepare your taxes – everyone’s financial situation is personal and unique.