Self Employed Professionals Tax Strategies with Atilio Calderon
In this episode, Bonnie Yam welcomes guest Atilio Kaldeman to explore the unique tax concerns and expense tracking challenges faced by the self-employed. The conversation begins with a discussion on distinguishing between employees and independent contractors, and the importance of quarterly tax reporting for contractors. Listeners gain insights into maximizing work-related tax deductions, including home office deduction rules and the use of health savings accounts. The episode delves into various business structure options and their tax implications, with an in-depth comparison of c corp versus s corp taxation. The importance of bookkeeping in business tax reporting is also highlighted. The episode concludes with contact information for further inquiries.
Key Points
- Maintaining meticulous records of expenses and income is crucial for self-employed professionals to ensure accurate tax reporting and maximize deductions.
- Understanding the differences between being an employee, an independent contractor, and various business structures like LLCs and corporations can significantly impact your tax obligations and liability.
- Taking advantage of tax credits, deductions, and retirement savings options, such as the home office deduction and health savings accounts, can greatly reduce your overall tax burden.
Chapters
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| 1:36 | |
| 3:38 | |
| 6:25 | |
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| 29:59 | |
| 32:25 | |
| 33:13 |
Transcript
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