An independent contractor is someone who is contracted to perform a service for another business as a non-employee. There are a number of benefits to being an independent contractor – read about them below!
Benefits:
- Flexibility
- Become your own boss
- Maintain a good work/life balance
- Earn more money
- No tax withholding
Business Expense Deductions:
As an independent contractor you are able to write off multiple items on your taxes making your taxable income less (please check with your tax accountant for rules specific to your state and business). Examples are:
- Physical Therapy Related Costs – Licensure, Con-Ed, CPR, Liability Insurance
- Operational expenses – advertising, website costs, percent of monthly phone carrier cost, percent of internet costs
- Supplies & Materials – any items you need to conduct business, including office supplies, a desk/computer/phone (if used for business), a theraband/treatment table, and any PT treatment supplies
- Home Office (See tax laws for specific requirements)
- Child Care
- Cleaning Services
- Health Insurance/Medical Benefits
- Retirement Plans
- Mileage
Want to learn more about being an independent contractor? Check out our Tips for Working as an Independent Contractor!
