Tax Compliance

How to Estimate Your Tax Returns as an Independent Contractor

How to Estimate Your Tax Returns as an Independent Contractor

By MBO Partners

Estimating your tax returns as an independent contractor is an important part of financial business management. If your net-earnings from self-employment are more than $400, you likely need to file an annual return and pay estimated taxes quarterly. Filing your annual tax return is pretty straightforward. Use Schedule C—this is where you will report your…

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Filing Self Employed Taxes: What You Need

By MBO Partners

Independent business owners file taxes differently than traditional, W-2 employees. If this is your first time managing taxes as an independent contractor, don’t worry. It may feel a bit complicated at first but you’ll get the hang of it soon enough! Below, we answer all your questions about paying taxes as a self-employed professional. What…

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Top 6 Tax Write Offs for Self Employed Professionals

By MBO Partners

The ability to manage your business expenses is not just good for your company, it’s also a good income strategy as an independent professional. As a business 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…

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Filing Independent Contractor Taxes: 4 Best Practices

By MBO Partners

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…

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4 Ways to Get Your Small Business Ready For Tax Season

By MBO Partners

In response to COVID-19 (coronavirus), the 2019 income tax filing and payment deadlines for all taxpayers who typically pay their Federal income taxes on April 15, 2020 have been extended until July 15 of this year. This tax filing and payment relief also extends to estimated tax payments for 2020 that would typically be due…

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How to Avoid a Tax Audit: Tips for Small Business Owners

By MBO Partners

Independent professionals have additional tax responsibilities above and beyond those of conventional 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 reduce your odds of being singled out by eliminating poor…

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4 Self Employed Tax Advantages

By Ralph Carnicer

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…

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5 Ways to Be Compliant when Filing Self Employed Taxes

By MBO Partners

Life as an independent professional involves a different approach than that of a full-time employee, and the same can be said for independents come tax time. Since many independents receive payment on a 1099, it’s important to note that tax time for independents isn’t as straightforward as simply plugging a few numbers into an online…

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4 Expense Tracking Tips for Consultants

By Ralph Carnicer

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…

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Tax Reform and Independent Contractors

By MBO Partners

</ifram The U.S. Tax Cuts and Jobs Act, passed at the end of 2017, is the biggest overhaul of the U.S. tax code in more than 20 years. If you’re currently working as an independent professional, here are three things you should know about the new law. 1. Section 199A Section 199A is a new…

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