1099, W-9, W-4, W-2 … Oh my! Employees and Independent Contractors have completely different forms to submit. In a previous post, we talked about the differences between an employee and independent contractor. Now, let’s talk about the forms.
As an accountant, I hear “But really, it’s a business expense. These expenses are required for me to run my business”. The reality: you may want them recorded and consider them a necessity, but the IRS tax rules may say: they are not deductible. Let’s look at a few examples.
If you own your own business, the mileage deduction is something you should think about. What do you need to do today? The answer: track your mileage. Let’s quickly look in to this … including why track it, some ways to calculate tax deductions, and FAQ’s.
When businesses need to hire, they many times want to hire … an independent contractor. I get it. There are benefits. So, let’s jump in and talk about the pros — and cons — of independent contractors. And let’s talk about some things to be careful about.
A first decision? There are many articles that will talk with you about “How to Choose a Business” or “Am I ready to Own my Own Business”. But this post is for those of you who have taken the leap. One of the first decisions should be: What is THE Business Structure?