How to Get Independent Contractor Quarterly Taxes Right and Avoid Penalties

Independent contractors have it rough when it comes to handling taxes. While the rest of the working world has income deducted from each paycheck to cover taxes, the independent contractor is forced to figure everything out on their own.

Calculating tax benefits

Figuring out your own taxes can feel like working on a complicated math problem. When you get the problem right, you have the pleasure of forking over your money. When you get the math problem wrong, it means penalties, or worse.

In this article, we take a look at how independent contractors can get their quarterly taxes right.

The Situation

Independent contractors are disadvantaged from a tax perspective in several ways.…

Continue reading

3 Top Tips to Help Contractors and Freelancers Succeed

By 2020 it’s expected that one in two UK and US citizens will be working on a freelance basis. The competition for work among freelancers and startups is increasing by the day.

Freelancer working with laptop

And if trends during the last economic downturn are anything to go by and the UK’s exit from the EU does bring about an economic lull, it is likely that we’ll see an even more rapid increase in freelancers.

Now more than ever the solopreneur and independent contractor has to have an edge. Part of this will come from doing grinding administrative work as efficiently as possible.

Here are three top tips to ensure you succeed:


Continue reading