Tax Strategies for Contracted Workers with Atilio Calderon, ATAX Bellmore

Key Points

• Understanding and properly managing self-employment taxes is crucial for independent contractors to avoid penalties and maximize deductions.
• Keeping detailed records and original receipts of all business-related expenses, including mileage logs and capital expenses, is essential for accurate tax reporting and compliance.
• Tips received in any form must be reported to the employer and taxed accordingly, with a distinction between regular wages and tip income for tax purposes.