Tax Compliance

Tax audits are a risk for independent professionals. As an independent, you have additional tax responsibilities above and beyond those of traditional employees. With extra forms and numerous potential deductions, it can be easy to overlook small details or miscalculate. While there’s no way to completely protect yourself from the dreaded tax audit, you can…

If you’ve been an independent contractor for more than a year, you know how fun it can be to gather up your expenses come tax time. This is definitely one of those times where an ounce of prevention is worth a pound of remedy. That’s why we’ve come up with four tips to help you…

The ability to manage your business expenses is a good income strategy. As a company of one, you will incur fixed costs that cannot be billed back to clients. You’ll also need to handle expenses such as health care, retirement funds, and other benefits typically provided by an employer. Each of these fixed or variable…

Doing business as an independent professional requires a different approach from working as a full-time employee, and the same is true when it comes to taxes. Since many independents receive 1099 forms from clients at the end of the year, tax time isn’t as straightforward as simply plugging a few numbers into an online tax…

As the year draws to a close, it’s common to take some time to look back on the performance of your business. Reviewing your back office—records, taxes, expense tracking, billing, etc.—is another helpful practice to prepare for the new year. Organizing paperwork and making sure records are accessible will help ease the burden of searching…

Tax season as an independent contractor comes and goes throughout the year as you file quarterly, but April 15 tends to be the biggest date of the year as it is the deadline for personal income tax. There are many steps you can take in preparation for this deadline to help make sure filing goes…

Filing taxes as an independent contractor can be a tricky road to navigate. When you work as an employee, your employer is required to withhold federal income tax as well as Social Security and Medicare taxes from your payroll check, but as an independent, you’re on the hook to do this yourself. When you work…

Being self-employed may not always be simple, but it definitely has its rewards. Doing what you love and having the flexibility that comes with being your own boss can certainly make the challenges worthwhile. In some cases, being self-employed can also have some less obvious tax advantages. Making sure you plan according to the tax…