Freelancers and consultants benefit from professional tax services
Freelancers and consultants, independent contractors – anyone who is self-employed will benefit financially when they see a tax professional. Here at Mustafa Tax and Accounting Services, we assist with structuring your business to maximize net income.
If you are self-employed, such as dentist, doctor, web-designer, financial consultant, photographer, mechanic, plumber, or other similar freelancer, why not focus on your work and see a professional to help you when tax time comes around? It is best to see a professional to guide you in making the best financial decisions.
Mustafa Accounting can help you structure your business to make the most of your paycheck. Taxes are paid on your income -even when you don’t see taxes withheld from your paychecks. We understand forms such as 1099, Schedule K-1, Schedule C, Schedule E, Schedule SE. Why be burdened by intricacies that might keep you from your job and earning money?
Leave it to us to educate you on sole proprietorships, LLCs, or corporations. There are pros and cons for each. Ultimately it depends on your business, how much you earn, employees, and plans for the future. Substantial tax savings depend on your business structure. Also, self-employed individuals, for example, pay a higher percentage of social security tax. You may be obligated to pay quarterly taxes or estimated taxes.
Deductions
Freelancers and consultants, small business owners – that is, independent contractors may have expenses that would lower their income to decrease the amount of tax owed. For example, do you work from home? Do you travel for business? Use your own car to travel to your job? Purchase items needed for work, such as clothing or computers? If you answered yes to any of these questions, you may be able to take these costs as deductions. We ask the proper questions to make sure you get the most from your expenses. Filing taxes can sometimes appear to be easy if you appear to have a straightforward return, but it’s best to consult with a professional to get the most of your paycheck.