![]() Where I ended up saving the most money is developing a filing system to track all receipts for equipment and supplies, and services needed to do my work. I hired an accountant recently to help me navigate the complicated tax system. However, if you want to take these deductions, you need proof of your expenses. Husband and Wife Business – What is a Qualified Joint Venture?īecause the IRS treats your contractor work as your business, you are entitled to claim deductions for the expenses that you incur for the services you provide.Am I Required to File an Information Return?.What Are My Self-Employed Tax Obligations?. ![]() This is my first year, making a decent income after all those years of being a student. Getting 100% of the money I earn and putting it into the bank sounds great, but there are also tax obligations required by the IRS.Ĭheck out the IRS Website for the Self-Employed Individuals Tax Center. – IRS websiteĭevelop an Efficient Way to Track All Expenses The earnings of a person who is working as an independent contractor are subject to Self-Employment Tax. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. However, whether these people are independent contractors or employees depends on the facts in each case.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |