Tax & Accounting Services for Self-employed Contractors

MMT specializes in providing accounting and tax services to self-employed contractors working in a variety of industries including IT, engineering, construction, and management consulting.

While working as a contractor offers a myriad of benefits, we understand that managing the accounting and tax for your business can be challenging and complex. Our extensive knowledge and experience of working with both new and seasoned self-employed contractors enables us to provide you with practical business, financial, and tax advice to help you maximize the profitability and efficiency of your contractor services.

Self-employed Contractor Services:

There are many important aspects to operating as a self-employed contractor. From managing cash flow, running payroll, filing GST, it can become overwhelming. We offer a variety of services to help manage these tasks so that you can spend more time on what’s important, your business!

Our accounting and tax services for self-employed contractors include:

  • Advisory on Corporate Structure (Including Incorporation & Setup of New Business)
  • Personal & Corporate Tax Filings
  • Bookkeeping
  • GST Preparation & Filing
  • Income Splitting Advisory
  • Lease vs Purchase Analysis
  • Consultation on Compensation (Dividend vs. Salary)
  • Cash Flow Analysis & Advisory
  • Financial Projections & Forecasts
  • Assistance in Obtaining Bank Financing

Comprehensive Accounting Tax Strategies

Financial records for self-employed contractors can become cumbersome and at times confusing. Several factors contribute to the confusion, such as:

  • Self-employed contractors generally work for more than one customer. This means instead of earning all their income from one individual or company, they get payments from multiple sources.
  • Income taxes are generally not deducted from payments made to self-employed contractors. This means that a portion of each payment should be set aside to satisfy tax obligations when they come due.
  • Unlike for a typical employee, expenses for the self-employed offer a tax credit opportunity. Self-employed contractors have the option to take deductions for many business expenses, such as transportation, office space and office supplies.
  • Self-employed contractors need to ensure they are not classified as a personal services business which can result in the loss of deductions.

Our specialized knowledge of working with self-employed contractors ensures that we can help create and maintain the necessary paperwork to keep track of monthly income and expenses to be used in tax preparation and submission.

By utilizing the services of our accounting team, you can optimize your earnings and create a profitable portfolio for your future including expansion or retirement.

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