Taxes and Expenses
Contracts and Finance | 5 MIN READ
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…
Contracts and Finance | 4 MIN READ
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…
Contracts and Finance | 3 MIN READ
Independent professionals have additional tax responsibilities above and beyond those of conventional employees and are also at risk of a tax audit. 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…
Contracts and Finance | 4 MIN READ
If you’re ready to take the leap and start your career as an independent professional, there are a few key steps to take to build a successful business. Understanding the tax implications of becoming an independent contractor is an important part of your financial preparation. While your employer was required to withhold federal income, Social…
Contracts and Finance | 4 MIN READ
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…
Contracts and Finance | 5 MIN READ
This tax filing and payment relief also extends to estimated tax payments for 2020 that would typically be due on April 15. Even with the extended deadline, you may want to consider at minimum filling your taxes by the original April 15 deadline if you are able to do so. Because the income tax refund…
Manage a Small Business | 8 MIN READ
3 Most Common Reasons You’re Undercharging as an Independent Consultant (and How to Overcome Them)
If you’re an independent consultant, chances are, you’re undercharging in some way. It’s a common issue among independent consultants, and it can be tough to overcome. I work directly with independent business owners, helping them increase their revenue while working less. When working with my clients, we almost always find: pockets of their business where…
Contracts and Finance | 4 MIN READ
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, tax time for independents isn’t as straightforward as simply plugging a few numbers into an online tax calculator. Here are five…
Contracts and Finance | 4 MIN READ
If you’re an independent professional, you’ve likely gotten a contract that required business insurance. While the flexibility and autonomy of working independently are a large part of what draws so many people away from the traditional W-2 lifestyle, they also means you have to navigate the complicated world of business insurance on your own. Liability…
Contracts and Finance | 7 MIN READ
In late 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the biggest overhaul of the U.S. tax code in more than 30 years. Today, the IRS is working on implementing the TCJA. One of the major changes in the law is, as described below, a deduction for certain “qualified business…
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