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Self Employed & Independent Contractors | The U.S. Small Business ...

Do you want to be self-employed or an independent contractor? This page will discuss the many opportunities that are available to you and guide you to success ...

Minimum Requirements for Working as an Independent Contractor ...

Many independent contractors start earning money without really planning on it. Before they know it, their sideline projects have become legitimate businesses ...

Independent contractor - Wikipedia, the free encyclopedia

An independent contractor is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or  ...

Independent Contractor Defined - Internal Revenue Service

However, whether these people are independent contractors or employees depends on the facts in each ... Rate the Small Business and Self-Employed Website.

Starting a Business as an Independent Contractor

What you need to start a business as an independent contractor, including choosing a business type and business checking account, getting an EIN.

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Employee vs. Independent Contractor: What Employers Need to ...

If a worker is an independent contractor, the employer is not responsible for ... Financial: Are the business aspects of the worker's job controlled by the payer?

What is an Independent Contractor? |

Independent contractors are not employees of the company. They are often small business owners who hire out their services. The companies they work for are ...

Small business, big mistake: Classifying employees as independent ...

Aug 27, 2014 ... When I started my company in 2006, my intent was to have only independent contractors for the first five years, with the goal of minimizing ...

Hiring Independent Contractors for Your Work Force Needs ...

Independent contractors are a popular choice for business owners to fill their work force needs. True independent contractors are not treated as employees, ...

Oregon Independent Contractors Frequently Asked Questions

What if I call myself an independent contractor? What are the pros and cons of being an independent contractor? Does registering a business name (such as a  ...

Massachusetts Independent Contractor Law - Statute

However, the ability of businesses to classify workers as independent contractors is not unchecked. Businesses cannot avoid employer obligations simply by ...

FL Dept Rev - Classification of Workers for Reemployment Tax ...

A person engaged in a distinct occupation or business is more likely to be an independent contractor if the occupation or business is separate and distinct from  ...

Independent Business Contractors

You can find success and financial stability as an independent business contractor. During strong economic times there is usually an overflow of work available for independent contractors. In a sluggish economy companies are downsizing, unable to keep up with the financial strain of providing benefits and other financial securities to employees. Businesses begin looking for individuals to secure independent business contracts who can instantly fill that void.

Being an independent business contractor is basically the same as starting your own small business. You are completely responsible for working out your own plans to create financial security. The mistake many independent business contractors make is focusing so hard on survival that they fail to plan for the future. Prepare for life as a small business independent contractor.

1. Separate your personal and independent business contractor expenses.

2. Get all of the tax breaks you are entitled to as a business contractor.

3. Handle insurance issues.

4. Plan for retirement.

Keep your independent contractor information and expenses separate from personal expenses

If you don't keep your business and personal expenses separate, you will create a huge headache come tax time. If you are audited and have been routinely dipping into your business account to cover personal expenses, the IRS may question the legitimacy of your business.

Use your independent contractor status to take advantage of certain tax breaks

As an independent contractor, you may be eligible for several tax deductions. If you work from home and have a dedicated space for your office, you can deduct your home office as a business expense. You can even deduct your monthly phone, Internet and utility services.
IRS Form Schedule C and Schedule SE to take care of self-employment taxes. Even though it's not necessary, you should also consider incorporating your business or setting up an LLC to protect your personal assets from any legal action against you.

Secure adequate insurance

Business contractors are not eligible for many of the benefits employees receive like health, liability or disability insurance. You will need to provide those things yourself and the rates for individual policies can be quite high. Many independent contractor agreements, or the independent contractor form you may be asked to sign, clearly states that you will receive no typical employee benefits like insurance coverage while working for them.

Independent business contractors must take action and plan for retirement

This is another thing your independent contractor agreements or independent contractor form will not provide. Just because you won't receive a 401(k) doesn't mean you can't plan for your own retirement. You can investigate setting up a Single Employee Pension (SEP) IRA plan or a 401(k) plan designed for self-employed individuals on your own.

  • Enroll in discount card programs like Ameriplan to save more money on health exams, dental procedures, eye glasses and contact lenses as a complement to your health insurance policy.

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