NCTA TAX WORKSHOP
BY TUOMAS KOSTIAINEN
On December 13th, about 20 NCTA members spent an exciting Saturday afternoon at the NCTA Tax Workshop for Translators and Interpreters. The instructor, Enrolled Agent Laura Bridenthal, knew how to address translator-specific tax issues because of her previous experience with translators-her clientele includes several translators. In addition, several NCTA members had participated in our online Tax Survey before the workshop, providing background information and specific questions for the instructor.
The four-hour workshop covered several important topics, such as employee vs. self-employed status, tax audits, what business expenses are deductible and how they are deducted; and of course, many people were particularly interested in foreign business travel expenses. Unfortunately, we had to vacate our room after one extra hour because of another group booked after us. Otherwise, we could have spent many more hours discussing the intriguing world of taxes. Our instructor graciously stayed afterwards answering individual questions until the very last one had been answered.
If you need professional tax advice, you might want to contact Laura Bridenthal at (415) 822-9021.
Here are some comments from the participants:
“It was the first time I learned about specific sole-proprietor and translator-specific issues to minimize my tax burden by taking advantage of the tax code; especially valuable were the new deduction/depreciation rules for equipment and software (and buying an SUV).”
- Kaj Rekola
“Ms. Bridenthal told us how the IRS looks at returns from the self-employed and the sorts of patterns that trigger an audit. She provided some clarity on how to classify the various itemized deductions typical for the self-employed.
“She alerted us to two changes in the law that will affect how I itemize my deductions:
1) Effective 2003, the self-employed can now deduct 100% of health insurance costs;
2) Software can now be written off entirely in one tax year and no longer needs to be amortized over four years.”
- Michael Schubert
“This workshop was helpful not only for preparing my 2003 taxes but for planning ahead and getting organized for 2004. I really appreciated the presenter honestly sharing her experience and insights.”
- Juliet Viola
