Independent Contractor Federal Tax Training Course

What You'll Learn

This course follows a progressive learning structure, building from foundational concepts to advanced applications, with an emphasis on practical skills through exercises and case studies.

Worker Classification: Learn to distinguish between an independent contractor and an employee. This is the cornerstone of accurate tax preparation and affects everything from income reporting to deduction eligibility

Filing Requirements: Understand the specific rules for contractors, including the critical $400 net earnings threshold that requires them to file a return, regardless of other income thresholds. You will also learn about different filing statuses and the benefits of the standard deduction

Recordkeeping: Master the basics of proper recordkeeping for independent contractors, including how to track income and expenses with receipts, mileage logs, and bank statements. You'll learn how to handle cash payments and unreported income to ensure compliance

Key Tax Forms: Become proficient with Schedule C (Profit or Loss from Business) for reporting income and expenses, and Schedule SE (Self-Employment Tax) for calculating Social Security and Medicare taxes

Deductions & Credits: Help clients maximize their legitimate tax savings by understanding common deductions, such as vehicle expenses, home office deductions, and health insurance premiums. You'll also learn about valuable tax credits like the Earned Income Tax Credit (EITC) and Child Tax Credit

Estimated Taxes: Guide your clients through their tax payment obligations, including how to calculate and make quarterly estimated tax payments to avoid penalties