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Simply put, being an independent contractor is one way to be self-employed. Being self-employed means that you earn money but don't work as an employee for someone else.
BOTTOM LINE: Business owners and independent contractors need to secure a valid Nevada business license or an exemption to the state business license prior to conducting any business activity.
How Do I Become An Independent Contractor In Nevada? According to a 2015 state law, workers are presumed to be independent contractors instead of employees if they have insurance or an occupational license, are bonded, have a Social Security number, or have filed self-employment taxes.
There are several types of business bank accounts to consider for your independent contracting business. You can consider an account with a local bank as well as an online business bank account. You may prefer mobile banking if you don't need to go into a physical branch and don't need to deposit cash.
Yes, you can get a business bank account if you are self-employed. Before you open a business bank account, it is a good idea to first get a Taxpayer Identification Number (TIN) or Employer Identification Number (EIN) as some financial institutions will require that.
Becoming an independent contractor is one of the many ways to be classified as self-employed. By definition, an independent contractor provides work or services on a contractual basis, whereas, self-employment is simply the act of earning money without operating within an employee-employer relationship.
Every independent contractor is a business owner. You run a business even if you are your only employee and you don't have a company name. There are significant differences, however, between a business that's just you as an independent contractor and running a company with employees and a registered name.
Technically, no. A business bank account isn't required for those who are self-employed. But mingling your personal and business expenses can get messy, especially when it comes to filing your taxes. A business bank account can also prove helpful when applying for a business credit card or small-business loan.
Independent contractors generally report their earnings to the IRS quarterly using Form 1040-ES, Estimated Tax for Individuals. This covers both their federal income tax and self-employment tax liabilities. They may also have to pay state and local taxes according to their state and local government guidelines.
As noted above, if one is a 1099 contractor, even if one is not legally incorporated into an official business, a business bank account is useful to separate personal and business expenses, set money aside for 1099 taxes and even retirement.