Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Archive for the ‘Independent Contractor Taxes’ Category

Are you an Independent Contractor?

Do you receive a 1099 for income paid to you?

Have you prepared for your year-end taxes with a tax strategy?

Form 1099
The end of the year can be quite stressful as an independent contractor. If you haven’t planned for your year-end taxes, you may find out that you owe a substantial amount of money for taxes.

At Makara and Associates, we understand how this can happen. Our team will take the time to educate you on what your options are and work with you on developing a solid tax strategy, so you don’t find yourself in an unpleasant situation at the end of the year.

Read the rest of this entry »

Do you know what taxes you need to pay?

Are you familiar with what tax forms you need to file?

Do you have a tax strategy?

Independent-Contractor-Taxes...Know-Your-Options
There are many potential pitfalls that independent contractors should be aware of. Receiving a 1099 for income paid to you means it is time for you to review your options as an independent contractor. The key is to understand what taxes you are responsible for and what tax forms you need to file.

As an independent contractor, not being prepared at the year-end can be very stressful. This is especially true if you find out you owe a large amount of money for taxes that you didn’t plan for.

Read the rest of this entry »

You probably think you are ready to file because you have received a 1099 for your services, held on to all your receipts, and have all your documents in order.

Independent Contractor Tax-FormsThis is the sixth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

It seems like everything is falling into to place with your Independent Contractor status. Once you file your Independent Contractor Tax Forms, it will be smooth sailing!

Wrong! Have you…
Read the rest of this entry »

Home office business deductions is another area that has changed recently. The Internal Revenue Service has provided a $5 per square foot (max $1,500) standard deduction for individuals that qualify.

Business Deductions

This is the fifth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

The rules to qualify for a deduction have not changed and you should review your situation with a tax professional before taking any deduction as it relates to a home office.

Read the rest of this entry »

Do you know your independent contractor business expenses? If not, see my eBook: 7 Things Every Small Business Owner Needs to Know for additional information on expenses. I will review below a few expense categories and taxes that I believe are common with self-employed individuals.

Independent Contractor Business ExpensesThis is the fourth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

Ordinary business expenses including rent for an office, utilities for said office, supplies and equipment needed to run the business are deductible 100% against income earned. I’m not going to go into much detail here because if used only for the generation of the income it’s considered an ordinary expense.

Read the rest of this entry »

The balance of this eBook is not intended to cover every situation. Once you determine that you are self-employed and will receive a Form 1099 for your services, I suggest you contact a tax and/or legal professional to guide you through your individual situation.

Form 1099

This is the third installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

Whether you’re a consultant, hair stylist, or painter, being self-employed is the same as starting any other business and you need to treat it accordingly. You may or may not have employees or a brick and mortar office location; however you need to treat your business in the same manner as a building contractor with 25 employees would. As I will explain in detail below…

Read the rest of this entry »

Are you concerned that you may be setting yourself up for a future problem when it comes to banking? It is a valid concern.

Independent Contractos This is the second installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

Independent contractors need to set up separate bank accounts.  It is a must, be aware it will help you avoid depositing income earned and paying expenses out of your personal checking account.

Two of the problems you may encounter are:

Read the rest of this entry »

Determine Your Independent Contractor Status

Posted by Mark On September 3rd

Need help determining your independent contractor status?

First step is to review the rules set our by the Internal Revenue Service, see IRS.gov website.

Independent Contractor Statusd

This is the first installment of
Independent Contractor Taxes…Know Your Options.

It can be downloaded from our eBook library.

This is the third installment of 16 Year-End Tax Tips for 2013 which can also be downloaded from our eBook library. – See more at: http://www.cashflowplanningforlife.com/#sthash.0vrbp1KJ.dpuf

The Internal Revenue service has boiled down the old 20 factor test to three categories:

Read the rest of this entry »

When you are an independent contractor receiving a 1099 for income paid to you, it can be difficult to figure out what your options are regarding taxes.

independent contractor taxes

Independent contractor taxes can be managed when you understand what your choices are, what taxes need to be paid, and what tax forms need to be filed.

Read the rest of this entry »