Taxes and Expenses

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…

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…

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…

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…

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…

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…