In this guide, we’ll explain everything independent contractors need to know about taxes in 2025, including determining whether the IRS considers you an independent contractor, defining your tax obligations, common deductions you can claim, and how to file taxes as an independent contractor. Let’...
Depending on the industry and location, subcontractors may need licenses, particularly in fields like construction and legal services. How are taxes different for independent contractors and subcontractors?Both are responsible for self-employment taxes, but independent contractors report income from multiple...
Some independent contractors may also need to pay state sales taxes for producing products, but it can depend on the type of product being made. Fast Fact Independent contractors have access to alternative retirement plans, such as aSEP IRA,SIMPLE IRA, andsolo 401(k). However, they must fund...
Taxes can be a major headache for independent contractors. Fortunately, there are tax apps specifically designed to make the process easier. These apps help keep track of expenses, calculate estimated taxes, and generate accurate invoices. Here are three of our favorite independent contractor tax-tra...
The Test for Independent Contractors and Unemployment Taxes Made FriendlierChristopher E. EnglerGary S. StarrLabor, Employment and Benefits
Everything you need to know about filing independent contractor taxes—including deadlines for payment, deductions you can claim & common tax forms.
Independent contractors differ from traditional employees who’ve gone through a company’s hiring and onboarding process. The company pays its contractors, but contractors aren’t employees. Instead, independent contractors are self-employed (also known as a “business for self”); they can operate...
Welcome to Shared Economy Tax, your trusted partner in tax services and accounting solutions tailored specifically to meet the unique needs of Airbnb hosts and independent contractors. Our team of accountants understands the distinct financial challenges and opportunities that come with operating in the...
Because of this, independent contractors often owe taxes each year instead of receiving a refund from the Federal Government or their state. Do Independent Contractors Have Any Payment Rights? Yes, self-employed freelancers have rights to a contract, control, and decisions and can work full-time...
t responsible for benefits, unemployment insurance, or the employer’s share of payroll taxes likeSocial Security and Medicare taxes(FICA). This can result in overall lower expenses, especially for short-term projects. Contractors also tend to provide their own equip...