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as an independent contractor itamp;#39;s important to understand that when it comes to taxation youamp;#39;re going to be taxed one or two ways youamp;#39;re either taxed as a W-2 employee or youamp;#39;re taxed as a business owner you might not be thinking youamp;#39;re a business owner because maybe you donamp;#39;t have a business license maybe you donamp;#39;t have a formal entity maybe you donamp;#39;t have a separate bank account but for tax purposes youamp;#39;re going to be considered a business owner and if youamp;#39;re not thinking like that youamp;#39;re going to give your 1099 to your tax professional and theyamp;#39;re just going to report your income therefore youamp;#39;re going to have a higher tax bill but when you stop and think about the fact that you are a business owner you know what goes along with being a business owner business tax deduction thatamp;#39;s right just because you are classified as an independent contractor with whomever youamp;#39;