FedEx, Spectrum, CABLE COMPANIES, Uber, Lyft; just to name a few of the companies that use sub-contractors or contract workers. Depending on your field contracting your services out to an employer is the wave of the future! Some people think that it is illegal to do so, but it’s not. Contracting workers is cost-savings for employers or large corporations, especially services that tend to drain their pockets. At the same time, it provides opportunity for the average worker to earn more money, more than he or she would as an employee and without paying federal taxes upfront or at the time wages are earned. However, delayed isn’t always denial; meaning just because one doesn’t pay taxes at the time of receiving his salary doesn’t mean taxes aren’t owed. Maybe they are and maybe they aren’t, who’s to say? YOUR PROFESSIONAL BOOKKEEPING SERVICE, Elite Expert Business Solutions can tell you!
Being self-employed, contract worker or sub-contractor is the same thing as owning your own business because the person you manage is YOU! That’s not an easy task! You’re expected to invoice your employer, to manage your time, hours in order to receive payment. Equally so, at the year-end you receive a 1099 verses a W-2 and it could be quite a shock to see just how much money you earned over the year. If you haven’t placed money aside or prepared for tax season, one may either opted to not file (not a good decision) or file inappropriately (over pay, under deduct or miss deductions)! After all, your goal was to make an honest living, the way you made that living or receive payment is the result of circumstances beyond one’s control. SO call Elite!
I had an interesting conversation with a man installing my cable who is a sub-contractor and he wasn’t giving all kinds of bad advice. He lost deductions on mileage, repairs to his vehicle, tools, etc… I’ve spent over twenty years in the business of bookkeeping and tax services. Bookkeeping? YES BOOKKEEPING, data entry of your company’s day-to-day operations that when done properly are the foundation for growth to any business! Bookkeeping ensures that your data used for the purposes of filing taxes is accurate, not estimated, not made up but rather accurate, reliable and verifiable information. Elite will guide you in all areas and ensure that your information is documented appropriately.
Bookkeeping is the foundation for tax preparation. Many are the tax payers who miss opportunities tax wise due to their lack of record keeping. Moving now into self-employment those missed opportunities can now become thousands of dollars and no one has time for missed dollars!
Moving from bookkeeping to tax preparation, there are a number of items that now under this type of employment one can deduct that he or she weren’t able to deduct as a regular employee. Fear of getting into trouble and lack of knowledge often lead taxpayers to overpaying of taxes owed. Elite can help with that! If it can be deducted, it will be and it will be done accurately and efficiently. Elite will ensure that your records are filed and kept appropriately in the event of questions and Elite also works with their clients in the case of any audits or questions that may arise.
Thrusted into this type of employment, can be overwhelming but when you have the right team on your side, you can make the transition easily.
Call today! Initial consultations are always free!
