Setting Up Your Consulting Practice

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Topic: Selecting a Tax Accountant

A tax accountant may help you save money as well as meet IRS quarterly filing deadlines to avoid fines.

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Find a tax accountant for your virtual team. And this applies particularly for consultants in the United States. In Episode 56 of Unleashed, I interviewed Jonah Gruda. He’s a tax partner at Mazars, and I recommend that episode as you get started on this. You’re going to want to talk to a tax accountant, number one, to think about how you plan to file your taxes in terms of what entity. Are you going to file as an LLC? Are you going to file as an S corp? Are you going to file as a C corp?

So you want to get a tax professional’s advice on what entity you plan to file as. And also you’re going to need that help. You do not want to try to do this yourself. You’re going to have to, as an independent professional, make quarterly tax payments, estimated tax payments, not just once per year in April. You’re also going to want to make sure that you have spoken to tax professionals. If you’re working in different states or different cities, even, you may need to file taxes in those different locales.

So ask around, ask other independent professionals that you meet for recommendations and referrals. You want to find a tax accountant, number one, where there’s just good chemistry, number two, they understand your business. You want to ask them if they have served, if they serve other independent professionals so they understand our business. You definitely don’t want to try to do this yourself. It’s much more complicated than life as a W2 employee. So find a tax accountant for your virtual team.