Naples CPA, Debuts New eBook "Independent Contractor Taxes...Know Your Options"

11/21/2014

FOR IMMEDIATE RELEASE

SUMMARY:
Mark Makara of Makara & Associates, Naples CPA, recently debuted his latest eBook: “Independent Contractor Taxes…Know Your Options”. This free resource is available at www.Makara-Assoc.com/ebooks.

MEDIA CONTACT:
Mark Makara
Makara & Associates, LLC
Phone: (239) 384-9688
Makara-Assoc.com/contact

NAPLES, FLORIDA - November 21, 2014  In today’s economic climate, there is a growing population of independent contractors, or “freelancers.” Naples CPA, Mark Makara of Makara & Associates, announces the debut of a new, free eBook specifically designed to help independent contractors understand what their options are, what taxes need to be paid, and what tax forms need to be filed. The eBook entitled, Independent Contractor Taxes…Know Your Options is available for download on Makara & Associates website.

“This is not the usual eBook, only about whether you are an employee or independent contractor,” explains Mark Makara. “This is primarily a resource for those who have already determined they are an independent contractor, based on the rules set out by the Internal Revenue Service. I’ve created this very valuable resource that will walk you through the potential pitfalls and tax strategies that are available to you. It will help independent contractors be prepared at the year-end, saving time and the heartache of owing a large amount of taxes when someone is not expecting it.”

For those that are still trying to determine whether they are an independent contractor status, the Internal Revenue service has a test in place. What previously was a 20 factor test, has been boiled down into three categories:

1.) Behavioral Test – This focuses on whether the company controls or has the right to control when, where, and how the job is completed.

2.) Financial Test – This focuses on who controls the economics of the worker’s job. (For example, whether travel is reimbursed, if the individual is paid hourly or by project completion, etc.) This also takes into consideration whether the individual can work for more than one company, with the ability to make a profit or suffer a loss.

3.) Type of Relationship Test – This focuses on how each party perceives the business relationship. Is the worker rendering services indefinitely or on a project to project basis?

“A written contract to be an independent contractor is not the end all be all,” added Makara. “The IRS does not necessarily follow these agreements if the above tests prove differently.”

Once someone has determined that they are indeed an independent contractor, and will receive a 1099 for services, the recent eBook by Makara & Associates goes on to provide a breakdown of strategies to consider.

Independent Contractor Taxes…Know Your Options takes the reader through some key issues that every independent contractor should be aware of. These include things such as:

  • Determining an Independent Contractor status
  • Steps for contacting a Tax and/or Legal Professional
  • How to set up a separate business bank account
  • Understanding business expenses and deductions
  • Filing tax returns as an Independent Contractor

Independent Contractor Taxes…Know Your Options, as well as Makara’s entire library of eBooks, are available for free download at www.Makara-Assoc.com/ebooks. For more information, contact Mark online or call (239)384-9688, for a consultation regarding your tax options as an Independent Contractor.

ABOUT MAKARA & ASSOCIATES, LLC:

Makara & Associates, LLC, are your Certified Public Accountants in Naples & Fort Myers, specializing in small business accounting, corporate controllership, Quickbooks, tax planning and preparation of business and personal returns. Our goal is to educate you in total wealth planning, which includes cash flow planning, wealth and Social Security planning, business tax preparation, and Roth IRA conversions. For information or a consultation, call (239) 384-9688 or visit www.makara-assoc.com

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