Laws and Taxes for Independent Contractors and Freelancers

Exam Questions: 100
Course Level: Basic
Pages: 450 | Content: 444, Supplemental: 6
NASBA Area of Study: Management Services
Not Acceptable for: Enrolled Agents
Version: 8285

This course will show all the legal and tax information needed to assist clients who work for themselves. It is a well-organized reference that discusses things like deciding the best business formation, paying estimated taxes, taking advantage of available tax deductions and credits, keeping accurate records, and writing legally binding contracts and agreements. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Choosing the Legal Form for Your Business
  • Choosing and Protecting Your Business Name
  • Home Alone or Outside Office
  • Obtaining Licenses, Permits, and Identification Numbers
  • Insuring Your Business and Yourself
  • Pricing Your Services and Getting Paid
  • Taxes and the Self-Employed
  • Reducing Your Income Taxes
  • The Bane of Self-Employment Taxes
  • Paying Estimated Taxes
  • Rules for Salespeople, Drivers, and Clothing Producers
  • Taxes for Workers You Hire
  • Recordkeeping and Accounting Made Easy
  • Safeguarding Your Self-Employed Status
  • Special Concerns for Gig Workers
  • Copyrights, Patents, and Trade Secrets
  • Using Written Client Agreements
  • Drafting Your Own Client Agreement
  • Reviewing a Client's Agreement
  • To identify the characteristics of various business entities
  • To recall the requirements of business legal names and trade names
  • To recall what it takes to qualify for the home office deduction
  • To identify the federal agency that issues Employer Identification Numbers (EINs)
  • To recognize what businesses must comply with the Affordable Care Act's employer mandate
  • To recall the characteristics of various payment arrangements commonly used by freelancers
  • To identify the entity type that statistically faces the highest chance of being audited
  • To recognize the various tax deductions available to the self-employed
  • To identify the Social Security tax rate
  • To recognize the requirements for paying estimated taxes
  • To recognize the jobs that are typically included as statutory employees
  • To identify the pros and cons of hiring employees and independent contractors
  • To recall the various IRS statutes of limitation
  • To recognize the characteristics that the IRS looks for when classifying workers as independent contractors or employees
  • To identify the percentage of a gig worker's income that must be withheld if a Form W-9 is not completed
  • To recognize the protections granted to various types of intellectual property
  • To recall the reasons why independent contractors should always sign written agreements with clients before starting work
  • To recall the characteristics of independent contractor agreements
  • To recall the various types of unfair provisions to look out for when signing a client agreement

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.