Taxes for Independent Contractors
We worry about the tax strategies, so you don’t have to.
Whether you’re a hairstylist, physician, electrician, freelance writer… if you’re working as an independent contractor, you know well the MANY benefits that come with this kind of work. You not only control your rates but decide how, when, where and how much you work.
Pretty great, right?
But there are a few things that aren’t so fun about independent contracting — tax liability, tax planning, and finance tracking.
That’s where we come in.
We work hard to implement the right strategies when it comes to taxes for independent contractors – so you can stay focused on what you love.
These strategies include:
Creating a bookkeeping system to efficiently organize your history of income and expenses. (You want to know if you’re missing payments from clients!)
Knowing which deductions are available to you as an independent contractor — and whether to standardize or itemize.
Remembering to pay estimated taxes by regularly setting a sum aside. (As an independent contractor, you don’t have an employer doing it for you.)
Deducting health insurance premiums for yourself, spouses, and dependents (meaning you can take an above-the-line adjustment, reducing your adjusted gross income).
Opening — and maintaining — a retirement fund.
Minimizing taxes on a 1099 income by harvesting your losses.
As an independent contractor, you already have a million things to think about every day. Worrying about your finances should not be one of them. Our team will help you set the right systems in place while also keeping an eye on the latest strategies. We reduce taxes for independent contractors and maximize deductions. That way you can rest assured you’ll end the year paying the IRS as little as possible while earning as many benefits as possible.