How Year-Round Tax Filing Services Keep You on Track

As an independent contractor, you are responsible for keeping yourself on track. This includes not only your work and productivity but also your finances. As an independent contractor, you are subject to self-employment taxes. Figuring out exactly what you owe and when, and what everything means for your bottom line can be confusing. When you need a guiding hand from a professional, trust Garcia and Cuadra for tax filing services in Tampa.

Independent Contractors: What You Need to Know

Filing self-employment taxes are different than an employee filing their taxes every year. The difference between being an employee and an independent contractor can be a blurry line for some people in Tampa, so if you are having difficulties determining which you qualify as, look at the IRS Form SS-8 (Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding) for guidance. For those who earn $400 or more, the IRS requires that you to file an income tax return.

When it comes to tax filing services, for your annual return, you will file a Schedule C (Form 1040). If your expenses amount to less than $5000, you may qualify to file a Schedule C-EZ. Those who report payments made during the course of business or for services often submit a Form 1099-MISC (Miscellaneous Income). This form is also necessary if you have any subcontractors or have paid someone $600 or more throughout the course of the year for services.

To stay on top of your work, be organized throughout the year, and maintain records of expenses. In addition, make sure to record deductions so that you can easily identify them later on when filling out forms. If you use a personal accountant for tax filing services in Tampa, this will allow them to catch more deductions and possibly help you get more money in the long run.

Trust the Professionals at Garcia and Cuadra for Tax Filing Services

For businesses, employers, independent contractors, and more, Garcia and Cuadra can help you understand and complete your tax filing services. It is our goal to demystify the financial and accounting matters relating to businesses and trade for our clients in Tampa. We know how frustrated many people get when tax season rolls around, and it is our job to prevent the stress.

To schedule a consultation with an Enrolled Agent, give us a call today at 813-415-2431 or contact us online.