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Top 5 Financial Tips

for Independent Contractors

1

Consider hiring an accountant or tax attorney.

They can give you guidance on strategies you should consider - form an LLC or S-Corp? - and other tax advantages for self-employed contractors.

2

Confirm if you’re subject to state tax.

ADP lists all the details of 2019 state taxes.

3

Create a budget for your quarterly tax payments and other expenses.

IRS Form 1040-ES shows you how to pay your taxes quarterly.

4

Purchase your own health, disability and life insurance.

Most self-employed taxpayers may be able to deduct health insurance premiums.

5

Open a retirement plan.

There are many different types of retirement plans, so do some research or hire a financial advisor to guide you.

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