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Independent Contractors

Wednesday, February 6, 2019

When Should You Reach Out to Your Small Business Attorney During the Life Cycle of Your Business?

A good rule of thumb is to hire an attorney on retainer and resolve potential issues before they arise. This list is not exhaustive, but it will give new business owners an idea of some of the legal issues their businesses may face. Contact an attorney during these points in the life cycle of your small business:


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Tuesday, May 29, 2018

Small Business Blog: How does your business classify its workers? (employees vs. independent contractors)

 

The distinction between employees and independent contractors is not always clear. The consequences of classifying a worker as an independent contractor can result in either a huge tax-saving boon or devastating economic losses for the employer. As a business owner, you may be surprised by the frequency in which this issue arises. Whenever you hire an intern, a part-time worker, a full-time worker, a graphic designer, a cleaning service, a business consultant, or even accept volunteers, you will be faced with this question. Here we discuss when you should classify a worker as an employee and when you should classify the worker as an independent contractor.


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Tuesday, May 1, 2018

Should Independent Contractors Form an LLC or an S-Corp? (Tax Reducing Strategies for VIPKID Teachers)

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Independent contractors are rightfully concerned about taxes taking a large chunk of their earnings. If you are an independent contractor, you are taxed at a higher rate than an employee. You are taxed a personal income tax as well as a self-employment tax (Social Security and Medicare). This is approximately 30%, but it could easily be more or less depending on your personal financial situation and the state in which they are located. Always consult with a tax professional.


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