October 16, 2009, Newsletter Issue #1: The Potential Tax Benefits of Contract Work

Tip of the Week

That contract work is sometimes looked on as a less-than desirable employment status is a source of mystery among those who know how to make the most of its advantages. Working with a contract recruiter to find temporary contract employment is for some the closest thing to being self-employed, and for the self-employed the list of potential tax benefits and write-offs are as plentiful as they can be confusing.

Working remotely from home may make you eligible for the home office deduction—a complex deduction that, if approached with organization and care, could result in substantial tax savings. Other potential tax write-offs can include phone and internet, vehicle expenses, and health insurance premiums. Needless to say, all contractors are encouraged to consult a tax professional to ensure they’re qualified to take advantage of certain tax benefits before counting their proverbial chickens… and the savings they could potentially hatch.

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