I is for Independent Contractor

General bk | 14. Dec, 2011 by | 14 Comments

I is for independent contractor, or an employee who receives a 1099 at the end of the year. If you work for your self or work for “cash” or if your employer doesn’t withhold taxes from your paycheck, you are an independent contractor. For bankruptcy purposes, independent contractors get to deduct estimated taxes and business expenses from their gross income for means test and budget purposes. Independent contractor income should be listed on Schedule C on your Federal tax returns.

Remember, independent contractor income is subject to State General Excise tax. This becomes a bigger issue in Chapter 13 cases because the State tax department will look back over your taxes and force you to file back GE returns.

For other I bankruptcy terms: Income- New York Bankruptcy Lawyer, Jay S. Fleischman
IRS – Northern California Bankruptcy Lawyer, Cathy Moran
Involuntary Petition – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
In Forma Pauperis – Colorado Springs Bankruptcy Lawyer Bob Doig
Income – Marin County Bankruptcy Attorney, Catherine Eranthe
Income Tax Refunds – Michigan Bankruptcy Lawyer, Christopher McAvoy
IRA’s, Pensions, etc., will you lose them in Bankruptcy? – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Insiders – Los Angeles Bankruptcy Attorney, Mark J. Markus
Involuntary Bankruptcy – Cleveland Area Bankruptcy Lawyer, Bill Balena
Insiders – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Insolvency-Wisconsin Bankruptcy Lawyer, Bret Nason
IRA’s, Pensions, etc., will you lose them in Bankruptcy?-Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Insurance-Pittsburgh Bankruptcy Attorney, Shawn Wright
Internal Revenue Service (IRS) Tax Debt in Bankruptcy-Livonia Michigan Bankruptcy Attorney, Peter Behrmann
Injunction-Lakewood, Ca Bankruptcy Lawyer, Christine A. Wilton

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