Contractors & Freelancers - Dimov Tax & CPA Services

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Planning strategies for contractors or freelancers

We are frequently approached with the following questions:

Should I or can I set up a LLC for my contractor work or freelancing business?
Should I incorporate?
If I set up a business, can I pay myself?
What kind of expenses can I deduct? Can I deduct my meals and travel expenses, etc.?
Can I deduct the rent I paid if I use my home for the work?
What kind of retirement plan can I contribute to?
Should I pay quarterly estimated tax? How much estimated tax should I pay in advance to avoid the penalty?

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