1
Consider hiring an accountant or tax attorney.
They can give you guidance on strategies you should consider - form an LLC or S-Corp? - and other tax advantages for self-employed contractors.
2
3
Create a budget for your quarterly tax payments and other expenses.
IRS Form 1040-ES shows you how to pay your taxes quarterly.
4
Purchase your own health, disability and life insurance.
Most self-employed taxpayers may be able to deduct health insurance premiums.
5
Open a retirement plan.
There are many different types of retirement plans, so do some research or hire a financial advisor to guide you.
