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Why should one differentiate between employees, contractors and consultants?

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Why should one differentiate between employees, contractors and consultants?

Differentiating between an employee, a contractor and a consultant is very important from a taxation point of view...

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Freelancers can deduct these expenses to cut tax outgo

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Freelancers can deduct these expenses to cut tax outgo

Income tax law imposes tax on profits & not income. Thus, out of income earned, freelancers can deduct business expenses to calculate the profits and pay tax on such profits.

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