Accountant Rancho Cucamonga  -  Whyte & Associates, INC

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Whyte & Associates, Inc. - Reviews Great company. I have been working with them for the past three years and they never let me down! Incredibly professional and and responsive.
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Whyte & Associates, Inc. - Reviews I have know Steve and his firm for several years. He is a gentleman. His team is friendly and caring. I would highly recommend Steve and his team to everyone!
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Rancho Cucamonga tax advice beneficial for self-employed individuals

Rancho Cucamonga Tax Advice - Tax advice for Self employedWorking for yourself can be exhilarating, profitable, and frightening all at once. If you are new to self-employment, you may have questions regarding the proper procedures to follow and how to plan for deductions. The accountants at Whyte & Associates in Rancho Cucamonga can set your mind at ease with sound tax advice.

Self-employment tax

One of the primary questions for contractors, freelancers, and other self-employed individuals is, "What is self-employment tax?" This tax is separate from any others. In the normal employment model, the employer withholds a certain amount of your salary for Medicare and Social Security. The employer also pays a portion of the total, which is 15.3% of your total income. When you are your own boss, you are responsible for the total amount.

Social security number or Federal Employer Tax ID?

Because there are so many different models of self-employment, it may be somewhat difficult to determine how you should identify yourself on your tax return, by your social security number or with a Federal Employee Tax ID (FEIN). To determine the appropriate term, it helps to know how one differs from the other. Both the SSN and FEIN are used as an identifier for tax purposes. The FEIN is more applicable to corporations than personal use. If you own a business but have no partners or employees, you may be able to file taxes using only your SSN.

Why you will fill out W-9 forms for clients

If you provide a service to a business, chances are you will be asked to fill out a W-9 tax form. The purpose of this form is to supply your client with your tax information, which they will need to complete the necessary 1099-MISC form when they file their business taxes. Any company that pays a contractor more than $600 in a year must report the total amount paid.

Coming out on top

Taxation is a complex issue that can cause you undue stress. It is possible to come out on top, secure your financial future, and obtain peace of mind by consulting a professional tax accountant. The accountants at Whyte & Associates have been providing assistance to individuals, families, and businesses throughout Southern California for many years. We can help you maximize your deductions and minimize your annual payout with sound tax strategies.

Schedule a consultation at (909) 575-0080.