You might be a lifelong freelancer or maybe you are just setting out on your own now into the world of self-employment. Whatever the case, it doesn’t take long to realize how much finances and taxation factor into being self-employed.
Whether your business is growing or just starting out, Liu & Associates can provide services that help you figure out what is what and get you on your way to attaining stability and success.
If self-employment is a new phase of your career, do not hesitate to contact us so that together we can work to build a financial and tax plan that will carry you to a profitable future.
Liu & Associates can also take care of your business account registrations, fulfill CRA requirements and provide initial training for the entrepreneurs in understanding accounting and GST.
What is an Independent Contractor?
An independent contractor is an individual that provides goods or services under a written contract or verbal agreement.
Independent contractors are self-employed and are often paid on a freelance basis – which means that they are paid per job as opposed to a salary or hourly rate.
Because independent contractors are self-employed, they are completely responsible for managing their income and tax preparations.
This can be confusing territory, which is why we recommend you speak one of our professional accounts regarding your self-employment.
Building Your Financial and Tax Plan
Our accountants at Liu & Associates can help you with financial and tax projections to help you steer and plan your business.
We can also guide you in organizing your tax information to ensure that your taxes are filed properly and on time while maximizing your deductions.
You may also need help exploring the advantages and disadvantages of financial decisions such as incorporation, forming partnerships or even accepting contracts that come your way – we can help with this too!
Incorporation and Business Tax Identification
When you’re ready to incorporate your independent contract work into a legitimate business, Liu & Associates can take care of your business account registrations and fulfill CRA (Canada Revenue Agency) requirements.
You may want to consider the benefits of incorporating your business, which include being able to protect your personal assets and giving your business credibility.
Training for Entrepreneurs
Apart from guiding you through the financial ins and outs of being an independent contractor, Liu & Associates is committed to providing training for entrepreneurs to understand accounting.
We offer comprehensive training in QuickBooks, an accounting software that helps you to manage your accounting tasks, as well as how to set up your businesses bookkeeping.
Make the Most of Your Business
A quick assessment of your situation can mean increased efficiency and effectiveness of your financial records.
Conferring with an experienced accountant can help prepare you for the ups and downs of independent contracting and self-employment. Let Liu & Associates provide you with that solid foundation!
Working with us, your personal business will thrive in all situations thanks to sound financial planning.
What are you waiting for? Contact us today for more information!