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One of the biggest temptations as an independent is to watch the money roll in and just focus on the number in your bank account. If you are incorporated, then you know the importance of strict accounting; out of that number, you have to take into account corporate taxes as well as personal income tax. However, if you are a sole proprietor or undeclared, you only have to take into consideration personal tax withholdings and the other associated costs (insurance, retirement, etc.), right? Wrong. In both cases, it's important to set aside a portion of your earnings in a savings account for rainy days.
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Surviving Life as a Contractor
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Torres, Derek
TECHWR-L
2006
Abstract: One of the biggest temptations as an independent is to watch the money roll in and just focus on the number in your bank account. If you are incorporated, then you know the importance of strict accounting; out of that number, you have to take into account corporate taxes as well as personal income tax. However, if you are a sole proprietor or undeclared, you only have to take into consideration personal tax withholdings and the other associated costs (insurance, retirement, etc.), right? Wrong. In both cases, it's important to set aside a portion of your earnings in a savings account for rainy days.
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