Financial records for self-employed contractors can become cumbersome and at times confusing. Several factors contribute to the confusion, such as:

• Self-employed contractors generally work for more than one customer. This means instead of earning all their income from one individual or company, they get payments from multiple sources.
• Income taxes are generally not deducted from payments made to self-employed contractors. This means that a portion of each payment should be set aside to satisfy tax obligations when they come due.
• Unlike for a typical employee, expenses for the self-employed offer a tax credit opportunity. Self-employed contractors have the option to take deductions for many business expenses, such as transportation, office space and office supplies.
• Self-employed contractors need to ensure they are not classified as a personal services business which can result in the loss of deductions.

Our specialized knowledge of working with self-employed contractors ensures that we can help create and maintain the necessary paperwork to keep track of monthly income and expenses to be used in tax preparation and submission.

By utilizing the services of our accounting team, you can optimize your earnings and create a profitable portfolio for your future including expansion or retirement.