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.

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…
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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.

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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.

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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…

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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:

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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:

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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.

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Questions Small Business Owners Need To Ask

Posted by Mark On July 15th

Are you a small business owner? Do you find it difficult to stay on top of all the hurdles that come your way?

Small Business Owners

Every business owner, whether you are incorporating your business today or have been running a business for years, ends up asking the same questions. I encourage owners to ask the questions and find the answers before they become a problem.

In my many years of helping small businesses, I have found that successful small business owners tackle these potential hurdles right on before they become a problem that could put them out of business.

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Have you put off planning for your retirement because you find it daunting and intimidating? Are you familiar with the “3 Key Plans” you need to have in place to build a solid retirement plan?

Retirement Plan

Visualize yourself on a “three-legged stool”, each leg is a different plan that is vital to your retirement planning. All three legs have one thing in common – all of them need to support you! Each leg must be strong, balanced, and able to support you during your retirement.

So what are the three plans?

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“2013 and Beyond Tax Planning”

Posted by Mark On September 17th

Are your strategies for tax planning current? Have you factored in the changes with the passage of The American Taxpayer Relief Act of 2012 (ATRA) and the Health Care Law (Obama Care)?

013 & Beyond Tax Planning

It’s difficult to stay on top of all the changes that influence your tax planning strategies. Keeping on track, with all provisions that have expired or changed in 2012, is…

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