1. Recordkeeping and planning only
Tax reserves, withholding totals, annual summaries, mileage calculations, expense categories, and other financial figures in Turnaround are organizational tools based on information entered, imported, or confirmed by the user.
2. 1099 and W-2 labels
Turnaround allows users to label work as 1099 or W-2 for recordkeeping. Turnaround does not determine worker classification and does not decide whether a production has properly classified you under federal, state, local, union, or other rules.
Use payroll documents, contracts, tax forms, and professional advice when determining your actual tax treatment.
3. W-2 withholding records
Amounts entered as W-2 taxes withheld or additional W-4 withholding are records you provide from payroll information. Turnaround does not calculate payroll withholding and does not replace a paystub, W-2, payroll register, or employer record.
4. Business expenses and potential write-offs
Expense categories are provided for organization. Listing an expense in Turnaround does not mean the expense is deductible, substantiated, ordinary and necessary, or otherwise eligible for any particular tax treatment.
You are responsible for keeping receipts and other documentation required by applicable law and for determining the proper treatment of reimbursements and expenses.
5. Mileage
Mileage records and mileage-dollar calculations depend on the miles and rate entered or selected. Mileage rates and eligibility rules can change. Verify the applicable rate and documentation requirements for the tax year and purpose involved.
Reimbursed mileage and deductible mileage may be treated differently. Turnaround does not decide that treatment for you.
6. Pay and invoice calculations
Day-rate, guarantee, overtime, double-time, meal, travel-day, kit, mileage, reimbursement, and invoice calculations depend on the rules and information entered in the job. Production contracts, union agreements, payroll policies, and local law may use different rules.
Always verify a final invoice, payroll amount, reimbursement, and payment record before relying on it.
7. Get professional advice when needed
Tax consequences vary by person, location, worker classification, business structure, production arrangement, and tax year. Consult a qualified tax professional, accountant, attorney, payroll professional, or other licensed adviser for advice specific to your situation.
Use of Turnaround does not create an accountant-client, attorney-client, fiduciary, payroll, or tax-preparer relationship.