Many businesses use independent contractors to help keep costs down. But be careful that these workers are properly classified for federal tax purposes.
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Losses can happen in any business. The NOL deduction may soften the blow by allowing businesses to apply losses to offset taxable income in future years.
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It seems like more and more employees are turning to freelance work. According to one recent study, there are now 73.3 million people freelancing in the US.
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https://blog.fiducial.com/wp-content/uploads/2023/05/FiducialBlogImage--ClosingYourBusiness_20fcca2bae366525665105c21755675e_2000.jpg292560Kelly Cockerhamhttps://blog.fiducial.com/wp-content/uploads/2024/02/Fiducial-logo-horizontal-black-300x51.pngKelly Cockerham2023-05-10 13:00:332023-05-10 13:00:33Tax Obligations to Consider When Closing Your Business