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?

Contact us at info@dimovtax.com if you would like to book a consultation.