Colorado Business Resource Book

your one-stop resource for everything related to starting a small business in colorado.

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When You Are an Independent Contractor

  • You are responsible for setting aside and paying your own income tax and self-employment tax (effectively the employee’s and the employer’s share of Social Security and Medicare taxes). The businesses you work for do NOT withhold or pay taxes on your behalf.
  • You are not eligible to collect unemployment insurance benefits.
  • You are not covered by workers’ compensation insurance benefits unless you purchase a policy from an insurance carrier.
  • The businesses you work for are required to give you a Form 1099 MISC if they have paid you $600 or more during the year.
  • You may deduct business expenses on Schedule C of your income tax return. You may also depreciate the cost of most business assets.
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THE COLORADO BUSINESS RESOURCE BOOK IS A COLLABORATIVE EFFORT OF THE:

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Colorado-SBDC

THANK YOU TO OUR SPONSORS FOR MAKING THIS WEBSITE AND PUBLICATION POSSIBLE:

Colorado Business Development Foundation

info@coloradobdf.org
www.coloradobdf.org

Small Business Navigator Hotline: 303-592-5920

© 2022 Colorado Business Development Foundation. All rights reserved.

All information within this resource book and website is for informational purposes only and is not intended to be legal, tax, business or other professional advice. It is current to the best of our knowledge as of the date of publication. You should contact an appropriate professional to discuss any issue particular to you or your business and only rely upon your own research into those issues. Use of and access to this resource book or the associated website does not create any relationship between the publisher, authors, and the reader, or any other individual or entity. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, THE MATERIALS AND INFORMATION IN THIS RESOURCE BOOK AND WEBSITE ARE DISTRIBUTED ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE.