Yvonne DeGraw Technical Services

No-Painful-Surprises Accounting for Independent Contractors

This talk includes the following topics:

The consequences of not planning
Expense categories
Income types
Cash flow
Accounting software
End-of-year analysis

You may download the handout (PDF file; 200 KB).

I've created an Excel spreadsheet that allows independent contractors to allocate a percentage of contract income to several expense categories and track the amounts in each category. The categories are Federal Tax, Social Security, State Tax, Retirement Fund, Time Off, Expenses, and Remaining Pay. The spreadsheet allows you to specify the percentage to allocate to each category.

You may download the spreadsheet (ZIP file; 42 KB). See the Readme First tab for instructions on using this spreadsheet. (This spreadsheet is provided AS IS and is not warranted against incorrect calculations or problems due to incorrect use. Technical support is not provided. This spreadsheet may not be redistributed for profit.)