Business Services Industry
Tax law changes bode well for independent contractors.(Finance)
Crain's Cleveland Business, January, 2004
Byline: BARBARA PAYNE Independent contractors and those who employ their services might be in for a few surprises on their tax returns this year. A newly powerful bonus depreciation clause offers potentially big benefits to independent contractors in industries such as construction that use big-ticket equipment or for small business owners who invest in capital improvements to office space or who buy a building, said Karen Kellogg, a certified public accountant with Karen S.
Kellogg, Inc. of Euclid. Until now, independent contractors could not expense property that had a life of more than a year, so items such as equipment, furniture and computers had to be depreciated over an average of five to seven years. However, with the new law, they can write off...
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