‘Tis the (tax) season
With tax time upon us and the deadline to file rapidly approaching, you may be looking into which software programs can help you organize all your tax information. If you run your own business, traditional tax programs can be difficult to navigate because you’re never sure if you’re getting all of your deductions, have entered your information correctly, or filed the right forms. Tax season is stressful, to say the least.
Record keeping for the independent contractor
If you are an independent contractor or frequently hire independent contractors, Qwil may be a good option for tax time. As any of the 1099 workforce can tell you, at tax time, rounding up all the necessary documents is a headache. Why? Independent contractors (the bulk of 1099-ers) do not typically get paid on a regular schedule. Many times we complete work and then wait for an invoice to be approved and paid. This makes for awkward record keeping.
Qwil is focused on offering support for 1099-ers. They offer a way to get paid in a timely manner, and a way to keep track of these payments, all in one place.
Instant liquidity
Their payment infrastructure enables instant liquidity for the 1099 workforce by leveraging support across accounting, tax benefits, and legal. 1099ers using Qwil can get liquidity daily for work performed and avoid waiting for payment and invoicing cycles. At the time of publication, Qwil has not returned my messages as to how this program works; perhaps due to the fact that Qwil is currently in beta. However, if it works as well as they state it will, this could be game changing for 1099ers. If Qwil provides working capital for invoices, so 1099ers can get on with their work and worry less about if their own bills will be paid, the freelancing world might sigh a collective sigh of relief.
We’ve still got a lot of questions
However, there are several things I would want to know about Qwil before I jump on board. I want to know how it works, what it costs, and how they decide what to pay and when to pay it. There are a lot of “what-ifs” here, but it’s definitely something to keep your eye on if you’re a 1099er looking to make your life a little bit easier.
