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Lunch & Learn Personal Taxes
September 19, 2023 @ 11:30 am - 1:00 pm
When:
Tuesday, September 19th
11:30 AM – 1:00 PM
Where:
250 E. Wisconsin Ave | Conference Room
As a real estate agent, understanding your tax obligations and maximizing allowable deductions are crucial to managing your finances effectively. In this session, we will delve into the specific tax considerations that apply to independent contractors, tax planning strategies, deductible expenses, and essential tools to simplify the tax filing process. This session aims to provide valuable insights to navigate the complex world of personal taxes.
Micheal Schroeder and Brian Delvecchio with CLA will provide their knowledge and insight on this topic.
Session Outline:
Key differences between independent contractors and employees
Understanding how employees are taxed vs. how independent contractors are taxed.
Applicability of self-employment tax to independent contractors.
The requirement to make quarterly estimated tax payments.
Importance of maintaining accurate financial records
Reporting of income and deductions; cash-basis method of accounting.
Records you are responsible for maintaining.
Understanding the need for contemporaneous records.
How software applications can assist in maintaining and storing these records.
Tracking and reporting of business income (Schedule C)
Tax forms commonly received by independent contractors.
Reporting of income and deductions; cash-basis method of accounting.
Tracking and reporting of business expenses (Schedule C)
Ordinary and necessary business expenses.
Deductible vehicle expenses; mileage tracking.
Meals, entertainment, and travel expenses.
Deductibility of business gifts.
Legal and professional costs.
Business use of home.
Insurance expense – liability, E&O, etc.
Other deductions available to independent contractors (non-Schedule C)
Self-employed health insurance premiums.
Retirement plan contributions.
Other tax filing considerations
Earning income from services performed in another state may warrant filing in that state.
Qualified Business Income deduction
Q&A Session:
We encourage you to actively participate in the Q&A session to address any specific tax concerns related to your independent contracting work. Our goal is to equip you with the knowledge and tools to confidently handle your tax responsibilities and make informed financial decisions.
As an independent contractor, managing your taxes can be challenging but understanding the nuances and leveraging deductions can lead to increased tax efficiency. Remember, staying organized with your finances, keeping up with tax deadlines, and seeking professional advice when needed are essential for a successful independent contracting career. Here’s to a successful and tax-savvy future!