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re: Tax question as an independent contractor
Posted on 12/29/14 at 10:47 am to Poodlebrain
Posted on 12/29/14 at 10:47 am to Poodlebrain
quote:
35% is not an unusually high amount of tax for a self-employed individual, especially one providing personal services. The 25% tax bracket starts at $73,800 for married filing joint. Combine that with approximately 15% self-employment taxes and state income taxes, and it is pretty easy to get to a 35% effective tax rate.
i agree that's not unusually high for a high earning individual, but there are myriad ways to reduce this as an independent contractor. the OP needs a good accountant. if you know some other independent contractors, ask them who they use. a great person to ask would be someone in the oil business - those field workers are pretty clever with their tax situations.
1
Posted on 12/29/14 at 12:36 pm to lsujro
quote:
a great person to ask would be someone in the oil business - those field workers are pretty clever with their tax situations.
I am fully convinced based on experience that oil guys and ranchers (who many times are one and the same) are convinced that they should not pay a dime in taxes, and that everything is deductible.
I've lost a couple of these guys to tax prep people (note, not CPAs) who are, shall we say, willing to go along.
Most tax guys are aggressive, but some cross the line.
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