Independent Contractors Tax and Reporting Issues
Posted by William Byrnes on August 28, 2010
Why is this Topic Important to Financial Professionals: A general understanding of classification of employees versus independent contractors will not only save your client aggravation, but could also avoid additional taxes and penalties. In addition, the tax consequences of this determination can be far reaching, and an understanding of the concepts of income and types of allowable deductions can help enable more comprehensive planning for the Financial professional and clients.
Please read my blogticle at Advisor FYI Independent Contractors Tax and Reporting Issues
For a detailed analysis regarding independent contractors, see Tax Facts Q 814. How are business expenses reported for income tax purposes?