Tax Tips for Independent Contractors

by Mark Van Benschoten, CPA The key to filing complete income tax returns is organization. In addition to identifying sources of income reported on form 1099-MISC, permanent books or records should be kept which show gross income, deductions and credits. Complete records should be supported by sales slips, invoices, deposit slips, receipts, canceled checks, and financial statements. Adequate documentation, such as deposit slips with the source noted and cancelled checks matched to invoices or receipts, is an integral part of complete records. All records supporting income and business expenses should be kept for at least the later of three years […]
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