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.

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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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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Did you know that divorce affects over 50% of couples in the United States?

Considering Divorce

Going through a divorce is a life changing. Even when the divorce is non-contested and a collaborative divorce, you need to make sure you’ve made all the proper preparations. It is the best way to protect yourself and your family.

Are you considering divorce? Are you ready to start the process? The financial aspects of divorce can create a tough road ahead. Understanding the process is a must. Working with my clients through the divorce process has allowed me to put together some tips that may help you.

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Tax planning and investment planning are important to your financial future.

013 & Beyond Tax Planning

Staying on top of your financial plan and meeting with your tax and investment advisor more than once a year are beneficial steps to take now to…

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Tax and investment planning has always been an important part of any individuals financial future, however as the two calculations below show it has become more important and costly to ignore or “I will do it next year”.

 Capital Gains Tax Rate

This is the fifth installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.
The ordinary income tax rate and LT capital gains tax rate have risen significantly in 2013. Having a conversation regarding your overall financial plan with your tax and investment advisor more than once a year can save tax dollars in the end an increase overall cash flow for your financial plan.

If you only come away with one thing after reading this eBook, understand spreading of income and expenses is the new method for financial planning (tax and investment). My suggestion would be…

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Have you determined what tax planning opportunities are available for you to put in place? Are you familiar with the tax changes, Medicare Surtax, and Net Investment Income updates? If not, here’s your chance to review some of them.

Net Investment Income

This is the fourth installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.

Provisions and Tax Changes that were set to expire on December 31, 2012

Changes that have been extended:

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The 2010 Tax relief Act reinstated the Estate, Gift and GST tax at a 35% tax rate and $5.12 million (for 2012) exemption.

Portability Election

This is the third installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.

In addition to the increase in the exemption amount the Act also created a portability election for decedents dying after 2010. This election is made by…

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