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Surprisingly Simple: Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less
by Mike Piper
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Amazon Page : https://www.amazon.com/Surprisingly-Simple-Independent-Contractor-Proprietor/dp/0615158439
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Customer reviews Surprisingly Simple Find helpful customer reviews and review ratings for Surprisingly Simple Independent Contractor Sole Proprietor and LLC Taxes Explained in 100 Pages or Less at Read honest and unbiased product reviews from our users Sole Proprietor vs Independent Contractor Explained An independent contractor can be any type of business entity sole proprietor corporation LLC partnership but most independent contractors are sole proprietors Since the independent contractor is not an employee no payroll taxes are deducted from payments to the contractor so the contractor is responsible for paying selfemployment taxes Social Security and Medicare along with income taxes Surprisingly Simple Independent Contractor Sole Surprisingly Simple Independent Contractor Sole Proprietor and LLC Taxes Explained in 100 Pages or Less Free shipping on all orders over 10 Find all of the following explained in plainEnglish with no legal jargon Business Taxation 101 A brief primer on tax topics in general especially as they apply to businesses Surprisingly Simple Independent Contractor Sole Surprisingly Simple book Read 2 reviews from the worlds largest community for readers Find all of the following explained in plainEnglish with no Independent Contractor vs Sole Proprietor vs LLC What’s In terms of taxes an LLC lies somewhere between an independent contractor and a corporation An LLC can help more than one owner avoid the double taxation that sometimes comes with being a corporation If you are the only owner of your LLC you file taxes with a Schedule C just like a sole proprietorship Am I a Sole Proprietor or Independent Contractor No payroll taxes are taken from an independent contractor’s income – instead they must pay selfemployment taxes themselves along with income taxes You may be a sole proprietor and independent contractor In some cases it’s possible to be both a sole proprietor and independent contractor The two are not mutually exclusive When Is a 1099 Required Sophisticated EDGE ANSWER A 1099 is required for independent contractors More Info Most people are familiar with a W2 form it declares gross annual income from one employer and various withheld amounts and employees receive them annually But not all working people need a W2 form Independent contractors need a Form 1099 instead Employee or Contractor Tax Advantages for Independent Contractors Vs Sole Sole Proprietor or Independent Contractor If you work as an independent contractor and have not set up a business entity like an LLC or corporation your business is essentially the same thing as a sole proprietorship for tax purposes You will file a Schedule C to report your profit and loss from your independent contracting activity and you will be subject to selfemployment tax Sole Proprietorships With Independent Contractors Contractor Tax Advantages Hiring independent contractors rather than employees can save you a significant amount of money on employmentrelated taxes The Internal Revenue Service as well as many states requires sole proprietors to withhold income tax from their employees’ paychecks to pay federal unemployment tax and to pay a Tax Basics for Limited Liability Companies LLCs A limited liability company LLC is a business structure that protects its owners from being personally liable for the business’ you currently operate an LLC or are thinking of turning your freelance operation into an LLC it’s important to know the tax basics and benefits of running one
