Quite often, we run into a lot of people who want to become self-employed for a number of reasons ranging from just being tired of working for someone else, job loss from downsizing or those simply sick of office politics. Whatever your reason, the big question is: Should you? Is Self-Employment for you?
I recently read this comprehensive article published by BDO that addresses most of the questions you will face if you’re contemplating self-employment including advantages and disadvantages of self-employment, specific tests that must be met for you to be considered an independent contractor and tax consequences of becoming an independent contractor.
You can read all the details here. Don’t hesitate to contact us if you have questions concerning your specific situation.