Taxes & Money Management

IRS Self-Employed Tax Center IRS 1099-NEC Guide SmartAsset – Independent Contractor Tax Guide Apply for an EIN (IRS) IRS Business Structure Guide SBA Guide: Choosing a Business Structure

Common deductions include mileage, uniforms/supplies, licensing fees, continuing education, scrubs, equipment, and a portion of your phone or home office (if applicable).

Very important. Keep detailed records of income, invoices, mileage, receipts, and business expenses to maximize deductions and stay audit-ready.

Often, yes. Making quarterly payments helps you avoid IRS penalties and ensures you stay on track with income and self-employment taxes.

You may face penalties or interest. A tax professional can help you plan quarterly obligations.

No. Contractors are responsible for their own taxes, including quarterly payments (if required).

This includes both the employer and employee portions of Social Security and Medicare taxes (approx. 15.3%).

Both structures typically report income via personal tax returns (Schedule C). LLCs have the option to elect S-Corp status later if income grows, which may reduce self-employment taxes.