Fit Small Business: Get Your Business Into Shape! › Forums › Ask a Question › I am currently working as an independent contractor. › Reply To: I am currently working as an independent contractor.
Even though you are an independent contractor, there are benefits to establishing a business name and back account and setting up some kind of business entity (e.g. an LLC). The main benefit is that you’ll be able to make purchases on behalf of the business and deduct business expenses on your tax returns. This minimizes the self employment tax you have to pay.
Managing Editor, Fit Small Business