Best Business Consultants in Knoxville, TN

What You Need to Know as an Independent Contractor for Taxes Becoming an independent contractor is an exciting and liberating career move. And while it can mean greater pay and flexibility, it also often requires that you complete tasks that your former employers may have done for you. For instance, independent contractors cannot automatically pay taxes throughout the year. When employed by someone else, the employer completes this task on behalf of the employees by deducting an appropriate amount from each paycheck. Therefore, tax planning is vital to being an independent contractor since you must ensure these payments are made. Inadequate planning can leave you with a huge tax bill at the end of the year.