Sign up now and receive a list of tax deductions for the SLP and news about future blogs about the independence of an independent contractor. Independent contractors and subcontractors are considered self-employed and subject to self-employment tax. Self-employed people pay self-employment tax (tax on the self-employed) and income tax. The SE tax is a Social Security and Medicare tax for people who work for themselves. It is similar to Social Security and Medicare taxes, which are withheld from the wages of most employees. As an independent SLP contractor, you can work as an individual company, LLC or company. An individual business exists when a person is in business for himself or herself. If you only work for yourself, you can easily work as an individual contractor, but if you are considering hiring other people or outsourcing, you may want to consider creating or including an LLC. In any case, getting the advice of a lawyer and an accountant is always the best practice. I work as an individual contractor and have also hired subcontractors. I have been working as an independent SLP contractor for 20 years.
I started a summer with contract work when I was on summer vacation from my school post. A friend of mine worked as an independent SLP contractor as a subcontractor that provides voice therapy services in qualified care facilities. I worked a few days a week to earn money. After having children, I wanted a more flexible schedule and decided to follow SLP to school as an independent contractor. I`m here 20 years later, and I`m still working on my dream job. It suited me perfectly. Over the years, I have been asked, “How did I become an independent entrepreneur?” There are important things you need to know before deciding to be an independent SLP contractor. In future blogs, I hope to provide you with the knowledge and tools to determine if an independent SLP contractor is right for you.
I will contain information on marketing, contract negotiations, De Witting contracts, invoices, starting your business (individual business, LLC, creation), taxes, deductions, expenses, retirement plans, insurance, rates and necessary materials. For updates on upcoming blogs, please sign up here and be sure to download a list of expenses that are tax deductions. As an independent contractor, it is advisable to hire an accountant to advise your taxes and help with the preparation of your taxes. The associated costs are not much more than if you hire an accountant to do your individual taxes. Over the years, I have paid $200-300 to prepare my husbands and taxes. It is advisable to meet with an accountant before starting your work as an independent SLP contractor to find out what documents you need to prepare taxes. Tax laws have changed over the years, and you can take the standard deduction or spread. An accountant will tell you what`s best for your business. Typical deductions include processing equipment, office equipment, car costs, licensing and home office expenses. Click here to download my typical spending list for the independent SLP provider. There are software to track your business like Quicken.
First, we should define a few key words. What is an independent contractor? An independent contractor is a person responsible for carrying out the work as a non-employee. A person is an independent contractor if the payer has the right to direct only the result of the work and not what is done and how it is done. A subcontractor is a subcontractor that withdraws part of a contract from the primary buyer.